- Respected financial historian, Niall Ferguson, recently published a lengthy piece on Bitcoin.
- Ferguson noted that criticism of the coin started to drop since BTC outperformed all traditional assets.
- He listed many big names that are now bullish on crypto, and explained how millionaires could boost BTC price.
Over the last several years — and especially since crypto recovery from the 2018 crash had started — many crypto skeptics’ voices started to soften and disappear. Meanwhile, the crypto community started gaining more and more supporters from respected individuals of the finance world.
The latest example is Niall Ferguson, a respected financial historian, former Harvard and Oxford professor, and Milbank Family Senior Fellow at the Hoover Institution at Stanford University.
Ferguson discussed BTC and its role in the financial industry
In his recent article, Ferguson spoke of the rise of Bitcoin, noting its role in the future of the financial industry. He stressed that the change in the US political scene — the arrival of the Biden administration — could benefit from integrating the coin into the US financial system.
The lengthy piece has since received quite a bit of attention from the crypto community. Especially since the financial historian noted that ‘Bitcoin debunkers’ have withdrawn since BTC outperformed all traditional investments.
The article was retweeted countless times, even by other respected individuals, including Dan Tapiero, the co-founder of 10T Holdings.
Shocking and Incredible.
"Biden should integrate #Bitcoin into US financial system."
Most respected financial historian alive @nfergus bitcoin comments to attract huge attention.
Favorite Establishment figure on monetary issues to galvanize action. Wow.https://t.co/xIgPIWgg88
— Dan Tapiero (@DTAPCAP) November 30, 2020
More millionaires in the world than BTC in circulation
Apart from Bitcoin, Ferguson also mentioned China’s digital Yuan, noting that it has substantial potential for adoption, and a major role to play for remittance and other international payments and settlements.
Ferguson further added that there are fewer BTC coins in circulation than millionaires in the world. His theory is that, if millionaires decided to hold only 1% of their wealth in BTC, the coin’s price would easily surge above $75,000, or even higher.
Lastly, Ferguson noted that there are already many big names from the financial world that have shown open interest in BTC. Some that he mentioned by name include Paul Tudor Jones, Bill Miller, Stan Druckenmiller, and Ray Dalio. He found it particularly interesting that even former skeptics, such as Nouriel Roubini and Peter Schiff are slowly starting to change their opinion of the coin.
Ferguson concluded by saying that there is still a long way to go before reaching mass adoption, but also that there is a clear demand for additional privacy when it comes to payment systems, which will, eventually, inevitably replace cash.