“UBS Chairman: Bitcoin Currency Will Fail, Has No Lender of Last Resort” – Finance Magnates | $330.91

Last updated on January 2nd, 2018 at 12:00 am

Intuitively, bitcoin’s shortcomings as a currency thus far would stem from issues like the absence of government backing, low interest from the broader public and high volatility. Weber approached it from a different angle, essentially saying that bitcoin cannot by printed by governments in times of need- a morally repugnant notion for many hardline Bitcoiners.

“Private currencies will fail to take off because there is no lender of last resort- there will always be boom and bust,”

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