Major flaw of Bitcoin solved, Reported by an economic professor
Feb 20, 2018 Posted / 10009 Views
When the critics were busy in finding faults in virtual tokens, the chairperson of the Department of Economics at LIU Post was working on looking for the solution to control the volatility of Bitcoins in order to avoid great Financial losses.
In a recent interview with express.co.uk, Professor Panos Mourdoukoutas claimed that he has found a way-out to deal with the volatility of Bitcoin and controlling its effects on finance. He said that the problem has been solved by the wall street through the introduction of Bitcoin futures.
“That’s an old problem, which Wall Street has solved recently with the introduction of Bitcoin Futures.” - Professor Panos Mourdoukoutas
A bitcoin future concept is an agreement between two parties to buy or sell a specific number of Bitcoins once it attains the determined price in future. With this concept, an individual can speculate the market without even owning an asset.
The professor also referred to the acceptance of cryptocurrency as a mode of payment. As we know that virtual tokens have attained a certain level of attention and news like companies accepting digital coin creates a buzz in the market.
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As per FactSet data, this statement by Professor Panos Mourdoukoutas came into existence at that stage when in the past month around 24 companies had already referred cryptos in several conferences.
One of the organizations that talked about virtual tokens in an above-specified way is Starbucks. The executive chairman of the company, Howard Schultz shared his forecast that as per his analysis Bitcoins will not stay in the market for long term. Further appreciating the Blockchain Technology he said that we can see the distributed ledger technology as the mainstream technology in 20-year of time span.
Starbucks is coming up with their own virtual token. Further clarifying on the subject Schultz added that his analysis on Bitcoin is not dependent on the actions of his own company as he is not worried about the future of the organization or consumer Behaviour. Rather he personally believes that in the coming future only a few legitimate virtual tokens will survive in the market.
From the massive interest of various companies in Bitcoin, one thing can be concluded that the token has become the point of economic interest. The current value of a Bitcoin is $10,863.40 USD with $183,307,110,505 USD of market capital.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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