{"id":126306,"date":"2021-05-25T19:15:04","date_gmt":"2021-05-25T19:15:04","guid":{"rendered":"https:\/\/precoinnews.com\/?p=126306"},"modified":"2021-05-25T19:15:04","modified_gmt":"2021-05-25T19:15:04","slug":"lawrence-summers-crypto-could-play-a-pivotal-role-in-global-markets","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/lawrence-summers-crypto-could-play-a-pivotal-role-in-global-markets\/","title":{"rendered":"Lawrence Summers: Crypto Could Play a Pivotal Role in Global Markets"},"content":{"rendered":"

At the present time, bitcoin is suffering like it never has before. The world\u2019s number one digital currency by market cap has fallen into oblivion after trading at its highest level of approximately $64,000 per unit in April. It is now currently selling for about $37,000 per unit. Many analysts, it seems, are beginning to write the currency off, but according to former U.S. Treasury Secretary Lawrence Summers, bitcoin and other cryptocurrencies could very well live up to their \u201cdigital gold\u201d status in the coming years.<\/p>\n

Lawrence Summers Thinks Highly of Crypto<\/h2>\n

While the role of crypto in digital economies is presently quite limited, Summers says that virtual assets could wind up becoming a serious staple of global markets, given that many people in the world are unbanked. It is hard, for some corners of the world, to gain access to the financial tools and services they need to stay afloat, and crypto presents many options that they would otherwise not have.<\/p>\n

In addition, Summers was quick to say that gold, while important, is still very much tied to government activity and regulated financial agencies, and that bitcoin and its altcoin cousins could ultimately give people the privacy and the sense of security they desire and deserve. In an interview, he says:<\/p>\n

\n

Gold has been a primary asset of that kind for a long time. Crypto has a chance of becoming an agreed form that people who are looking for safety hold wealth in. My guess is that crypto is here to stay, and probably here to stay as a kind of digital gold.<\/p>\n<\/blockquote>\n

His words come at a rather unique time, not only because bitcoin\u2019s price has sunk into oblivion, but because several financial corporations \u2013 including Societe Generale \u2013 are now claiming that gold should be the focal point for most investors, and that they should probably spend less time analyzing and thinking about bitcoin. Societe Generale has recently published a report claiming that gold was a stronger stabilizer, and that those looking to keep their wealth secure would have more success with the precious metal.<\/p>\n

But like Summers, there are many out there that have not quite given up on BTC yet. Yassine Elmandjra \u2013 a crypto analyst with Ark Investment Management LLC \u2013 says that it is not unlikely that gold and bitcoin will at some point share similar numbers when it comes to their market caps. She comments:<\/p>\n

\n

It is not out of the question that bitcoin will reach gold parity in the next five years.<\/p>\n<\/blockquote>\n

Inflation Is Still a Danger<\/h2>\n

Summers was also quick to point out that the threat of inflation is still very much in play, which could serve bitcoin well in the long run. He states:<\/p>\n

\n

I do not think the Fed is projecting in a way that reflects the potential seriousness of the problem.<\/p>\n<\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

At the present time, bitcoin is suffering<\/p>\n","protected":false},"author":3,"featured_media":126305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nLawrence Summers: Crypto Could Play a Pivotal Role in Global Markets - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/lawrence-summers-crypto-could-play-a-pivotal-role-in-global-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lawrence Summers: Crypto Could Play a Pivotal Role in Global Markets - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"At the present time, bitcoin is suffering\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/lawrence-summers-crypto-could-play-a-pivotal-role-in-global-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-25T19:15:04+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/Lawrence-Summers-Crypto-Could-Play-a-Pivotal-Role-in-Global-Markets.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/lawrence-summers-crypto-could-play-a-pivotal-role-in-global-markets\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/lawrence-summers-crypto-could-play-a-pivotal-role-in-global-markets\/\",\"name\":\"Lawrence Summers: Crypto Could Play a Pivotal Role in Global Markets - 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