Corporate Fatcat tells Crypto Kids to “stop printing money”

Corporate Fatcat banker and BIS chief Agustín Carstens is strictly against Cryptocurrencies because he wants people to “stop printing money” because well, only he and his banking buddies should be able to do that. The case is that cryptocurrency is not backed by anything and is disaster for the environment. The first part is true, cryptos aren’t backed by anything, but neither are US dollars or most other fiat currency, since they are not attached to gold or silver. It is true that fiat like the US dollar has value because you use it to pay taxes. But wait, some states in the United States have bills in legislature that will allow payment of state taxes(not federal taxes) in Cryptocurrency. If this happens, cryptos will attain state backing and will have intrinsic value. As for being an environmental disaster, I think he, himself, is an environmental disaster(I know its not right making fun of people like this but I can’t help it since he’s essentially criticizing people of printing money which is what he does as a job.).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s