Following a correction wave and some pullback, the world’s largest cryptocurrency is surging again. This has caused many to turn bullish about the coin again. However, award-winning Australian journalist and the owner of financial services company Switzer Financial Group, Peter Switzer, thinks otherwise, after he called for a ban on Bitcoin and other cryptocurrencies.
According to a blog post by Switzer Daily, the prominent Australian commentator argued that cryptocurrencies are inessential since they are “too volatile” and mainly used for “speculative purposes.” He stated,
“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 also commented on the remarks made by Nobel Laureate Joseph Stiglitz in an interview with CNBC, after he stated that all cryptocurrencies should be “shut down.” Switzer wrote,
“Joe isn’t entirely ‘old’ world, as he sees the value of digital payments systems and supports electronic use of government-backed currencies, like the dollar.”
Peter Switzer also revealed that his “Bitcoin ban rant” was influenced by U.S. T.V. series starring Damien Lewis, Billions. He wrote,
“I’d never focused on the illegality aspect of bitcoin until a recent episode of Billions on Stan, where the hedge fund manager, Bobby Axelrod, set up an elaborate insider trading scheme, where his accomplice was to be paid in bitcoin! Why? It would be undetected by the Stock Exchange Commission and other regulators!”
However, Switzer was soon met by a lot of backlash from crypto-supporters.
Switzer’s statement may be seen as being a surprise in some quarters however as unlike China and India, Australia has been pro-crypto and has been fairly active in advancing the cause of cryptocurrencies in the country. Recently, Australian Accounting firm, BDO, confirmed the launch of a crypto and blockchain auditing service, which would further make way for a Bitcoin ETF on the Australia Securities Exchange [ASX].