Analyst after watching episode Billions: Bitcoin and cryptocurrency must be banned!

One of Australia’s best-known financial analysts has called for a ban on bitcoin and all other cryptocurrencys. Peter Switzer is an award-winning journalist and owner of Switzer Financial Group.

Against bitcoin

The Australian regularly publishes articles on his website about the financial market, which are also sent by e-mail to “hundreds of thousands” subscribers. In today’s mail, Switzer focused on bitcoin and other cryptocurrencies.

First, he commented on the comments made by Nobel Prize winner, Joseph Stiglitz, who recently told CNCB that all cryptocurrencies should be banned.

“Joe is not at all old, because he sees the value of digital payment systems and supports the electronic use of government-supported currencies, such as the dollar,” Switzer writes.

Light in a dark, dark world

Switzer then makes his own views clear.

“I don’t see the need for a currency that is too volatile and is used primarily for speculative purposes. I wonder if we need a new way for inexperienced investors to lose their money. “

“I think cryptocurrencies are superfluous, risky and only good for a small group of enthusiasts, but the disadvantages, and I repeat the disadvantages, outweigh the benefits. Forbid bitcoin and its imitators or simply regulate them, shine some light in this dark, dark world. ”

Inspiration from the TV series Billions

Switzer not only watches Stiglitz, he is also a fan of the American TV series Billions. In fact, he says he has found his eureka moment during an episode of Billions.

“I never really thought about the legal status of bitcoin until I watched a recent episode of Billions. The fictional hedge fund manager, Bobby Axelrod, set up a comprehensive insider trading system, where his accomplice had to be paid in bitcoin. Why? It could not be noticed by the Stock Exchange Commission and other regulators! “