New York : Famous economist Steve Chiavarone has stated “American central ‘Federal Reserve’ will not stop short of finishing Bitcoin”. Although bitcoin does not have a future, but the ‘blockchain’ technology which is the basis of this virtual currency may be used widely in days to come, said Chiavarone. The analysts had cautioned against it when the value of bitcoins was rising. However, it seems that Chiavarone has warned the investors in bitcoin that the, American ‘Federal Reserve’ will finish bitcoin.
‘Steve Chiavarone’ had made an important statement about bitcoin. After the 2008 recession the greed for higher returns presented the opportunity in form of bitcoins, commented Chiavarone. Explaining in detail Chiavarone expressed his frank opinion about the mindset of the investors, that the investors willing to take risks for higher returns have invested in bitcoins.
In an interview with an American news channel Chiavarone clarified ‘Bitcoin cannot be used as a currency for exchange. It is not a currency for wealth accumulation. This currency has some value. So, the Federal reserve will take some action against it as Federal Reserve will not be able to adjust to it.’ But even if the Federal Reserve acts against bitcoin, the ‘Blockchain’ technology behind it has a future’
‘The blockchain’ technology may be used in the future as this can increase the efficiency of the banks, financial transactions can be made faster and with more ease, also payments across countries will become easier and beneficial.’ said Chiavarone. Chiavarone also claimed that ‘Most importantly the blockchain technology will end the red tape in the administration. An advanced system to identify the clients can also be an important feature of blockchain.’
For the last few days the rates for bitcoin are rising. In spite of the intermittent fall in rates bitcoin is able to attract the attention of the investors worldwide and the economists worldwide are warning against it. We will be able to see long term effects of this currency, says few experts,
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