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Former U.S. Treasury Secretary Says Crypto Has Chance of Becoming ‘Digital Gold’
Summary: Former U.S. Treasury Secretary Lawrence Summers said cryptocurrencies could stay a feature of global markets as something akin to “digital gold,” even if their importance in economies will remain limited. If cryptocurrencies became even a third of the total value of gold, Summers said that would be a “substantial appreciation from current levels” and that ...
Former U.S. Treasury Secretary Lawrence Summers said cryptocurrencies could stay a feature of global markets as something akin to “digital gold,” even if their importance in economies will remain limited.
If cryptocurrencies became even a third of the total value of gold, Summers said that would be a “substantial appreciation from current levels” and that means there’s a “good prospect that crypto will be part of the system for quite a while to come.”
“Gold has been a primary asset of that kind for a long time,” said Summers, “Crypto has a chance of becoming an agreed form that people who are looking for safety hold wealth in. My guess is that crypto is here to stay, and probably here to stay as a kind of digital gold.”
By Amy Liu
Tags: Crypto,Digital Gold,Lawrence Summers
Link: Former U.S. Treasury Secretary Says Crypto Has Chance of Becoming ‘Digital Gold’ [Copy]
