Niall Ferguson Retracts Critical Appraisal of Crypto and DLT

Prominent British historian and author of ‘The Ascent of Money,’ Niall Ferguson, has retracted the pessimistic assertions that he had previously made with regards to the prospective utilities for Bitcoin and distributed ledger technology. The comments come one month after Ferguson was announced as an advisor to the stablecoin Ampleforth.

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Niall Ferguson Retracts Previous Criticisms of Cryptocurrencies

While delivering the keynote speech during the first day of the Australian Financial Review Business Summit last week, Ferguson stated that he “was very wrong” in doubting the potential applications for cryptocurrency and blockchain technology.

Referring to previous statements in which he predicted that virtual currencies would “turn out to be a complete delusion,” Ferguson stated that he was “wrong to think there was no…use for a form of currency based on blockchain technology.”

On the topic of price action, Ferguson noted that despite last year’s bear trend, the price of BTC “remains a long way from zero.”

Ferguson’s comments appear to follow remarks made during a Bank of England seminar in which he predicted that cryptocurrencies will comprise “the financial system of the future.”

Ferguson Critical of Fiat-Pegged Cryptocurrencies Despite Stablecoin Affiliation

Ferguson also expressed skepticism regarding fiat-collateralized cryptocurrencies such as tether, despite having joined stablecoin Ampleforth as an advisor last month.

At the time, Ferguson stated: “I’m attracted by Ampleforth’s mission to reinvent money in a way that protects individual freedom and to create a payments system that treats everyone equally.” According to Ampleforth’s website, the project seeks to “produce a money that is both sound, like gold; and stable, like fiat.”

In an interview with Breaker last month, Ferguson described the existing payments system as “a relic of the 1970s,” however, noted that “the experiment launched by Satoshi Nakamoto in 2008 is not yet finished,” adding: “To own a bitcoin today is to have an option on Satoshi’s experiment succeeding.”

What do you make of Niall Ferguson’s recent remarks regarding virtual currencies? Share your thoughts in the comments section below!

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