Cryptocurrencies: It's Digital Gold, According to Former US Treasury Secretary

It is possible that for a time cryptocurrencies are part of the financial system if they manage to obtain a third of the total value of gold

Laurence Summers, former Secretary of the US Treasury Department, spoke about cryptocurrencies recently and stated that they may persist in global markets as a kind of “digital gold.”

For Summers, cryptocurrencies are that alternative to gold for looking for an investment that is not controlled by any government or by banks as such.

Cryptocurrencies are here to stay, like a kind of digital gold.

This was stated by the former official. Although it is clear that cryptocurrencies will surely not be important for the entire economy in general to cover payments . but he does consider it possible that for a time “they are part of the financial system if at least they manage to obtain a third of the total value of gold.

Lawrence Summers, previous Chief Economist of the World Bank, former Treasury Secretary, and former director of the National Economic Council,

“ # Bitcoin may become fundamental to commerce on the Internet “ pic.twitter.com/Ens5bcsDmq

– Documenting Bitcoin 📄 (@DocumentingBTC) May 22, 2021

Summer is not the only expert who believes in the future of cryptocurrencies, other specialists have spoken about it, eg Lucy Gazmararian, Token Bay Capital, considers that more and more people consider bitcoin as “digital gold” mainly because of its scarcity. Both Gazmararian and other experts have considered that cryptocurrencies in about 5 or 10 years can be a “world reserve asset”.

The previous week was a bit disappointing for the cryptocurrency market, and almost all closed with values ​​in the red, bitcoin stands out among the most affected, whose value reached the lowest in months when trading for less than $ 38, 05 Dollars. China and a new crackdown on cryptocurrencies scared the markets.

This among many reasons, as it also highlighted the conservationist discourse that began with respect to cryptocurrency mining.

For its part, the Treasury Department He let it be known on Thursday that he will push for measures to ensure that Americans who pay for goods or services with cryptocurrencies do not bypass the treasury when filing annual taxes.

Already previously, some spokesmen for the Joe Biden government, months ago, had mentioned that such regulations were being considered.