Economic historian admits to being "very wrong," about Bitcoin

06 Mar, 2019
by David Borman
News
Economic historian admits to being very wrong, about Bitcoin

It is being reported by Trustnodes that renown economic historian Niall Ferguson has gone on the record as saying he made a mistake and was "very wrong" when it came to Bitcoin and digital money.

While recently speaking at the Australian Financial Review Business Summit, Ferguson officially admitted that he was "wrong to think there was no… use for a form of currency based on blockchain technology."

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He went on to explain that he was first exposed to Bitcoin in 2014 and at the time considered it to be a "complete delusion." However, thanks to his son, he has since come around to see the err in his thinking. It may not have hurt that the price of Bitcoin has increased significantly over those last five years.

It is unclear if Ferguson has actually purchased any Bitcoin or other crypto as part of this change of heart. As for the dip over the last year or so, Ferguson is unconcerned, adding that "it remains a long way from zero."

It is inspiring to see such a prominent figure change his mind on cryptocurrency. Will other notable Bitcoin detractors also come around? Time will tell.

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Read more about: Bitcoin (BTC)

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