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Citigroup advisor shares thoughts on Bitcoin

irvingIrving Wladawsky-Berger, Citigroup strategic advisor and former researcher for IBM, has written a very well-reasoned piece on his view of Bitcoin. In his post, Reflections on Bitcoin, Wladawsky-Berger comes to three primary conclusions. He says:

“So, after reading and reflecting on these various articles, here is how I would now summarize my views on Bitcoin:

  • The cryptographic advances and technologies underlying Bitcoin will likely play a major role in the development of the Internet of Money, that is, an Internet era, digital money ecosystem. But, as is the case with all complex platforms, its architecture, protocols and governance will have to evolve. It remains to be seen whether the resulting platform will still be called Bitcoin or something else will have taken its place.
  • For the foreseeable future, the bulk of the money flowing through such a digital money ecosystem will continue to be based on existing currencies. Digital currencies may play important niche roles. It’s not clear at this point whether Bitcoin itself will be one of the surviving digital currencies.
  • Given the central role played by money in all aspects of the economy, society and our personal lives, governments will continue to regulate its use, whether based on existing or new digital currencies.”

Read the full piece here.