Yanis Varoufakis: "Crypto is dead"
Rock star Greek minister
Yanis Varoufakis, the Greek minister that got famous in 2015 for holding his leg stiff against the European Union, and actually saved Greece from bankruptcy by doing this. His harsh stand against Europe drove the IMF and the European Union to insanity, but he could save a lot for Greece, and kept them in the European Union, and there was no Grexit.
After this he resigned, and formed a pan-European party with his economic points of vue. Now he is bringing out his opinions all over the world about economics and politics. He also wrote a book called: "The Global Minotaur" about the place of debt in the economy and the fall of Lehman Brothers.
Varoufakis has the aura of a rock star in Greece, because of his rough side and his accomplishments.
Crypto is not money
A few weeks ago he held a debate about crypto with Viktor Tabori about Bitcoin and Crypto. The title of the debate was: "Crypto is dead". But actually he is a fan of the concept of blockchain and crypto in general. But he says it can never be money. Because of the impossibility to expand and contract the amount of money in the economy like central banks are doing. He finds that aspect the most important part of money. As it can help economies in times of crisis. This all sounds very much Keynesian to me. But it is an interesting discussion. Inflation or no inflation, that is actually the question. In his opinion, the ever expanding supply of money is necessary. Crypto is kind of the opposite, at least most of them are. Bitcoin's most important feature is the fact that only 21 million will be in circulation, ever. So, no inflation is possible. Which is the mechanism why Bitcoin keeps rising in value, because fiat money keeps being inflated.
He also wants the scammers out of the crypto world, and thinks all stablecoins are scams. He could be right, but I think the truth is as always in the middle.
Watch it here:
Sincerely,
Pele23
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