"The cons outweigh the pros," says financial expert on Bitcoin

09 Jul, 2019
by Richard Allen
The cons outweigh the pros, says financial expert on Bitcoin

A recent article published on Mickey.com has revealed that Peter Switzer, an award-winning journalist and financial expert, has called for Bitcoin and “its imitators” to be banned. According to the Switzer Financial Group founder, cryptocurrencies are far too volatile to use.

Switzer was quoted as saying:

“I can’t see the necessity of a currency that’s too volatile and is primarily used for speculative purposes.

I wonder whether we need a new way for inexperienced investors to lose their money.

I think cryptocurrencies are unnecessary, risky and good for a small group of enthusiasts but the cons, and I repeat the cons, outweigh the pros by a long chalk.

Ban bitcoin and its imitators or simply regulate them, so light is shone on this dark, dark world.”

Switzer goes on to agree with a comment recently made by Nobel Laureate, Joseph Stiglitz, who said cryptocurrencies need to be “shut down.” As such, Stiglitz believes governments should get rid of cryptocurrencies entirely as they’re only ever used for nefarious activities, and instead, more attention should be paid to upgrading the currency legacy digital payment system. 

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