The list of experts and talking heads eager to belly up to the bar and spout forth on why Bitcoin is a bubble and we’re all fools for believing in it is, as Goose would say, long, but distinguished. The latest expert to lend his voice to the bubble echo chamber is Columbia University professor Jeffrey D. Sachs.
Sachs, who is also a published author and director of the Center for Sustainable Development at Columbia University, penned an article in The Boston Globe today wherein he explained in a very concise and easy to digest manner why Bitcoin is a bubble that is ultimately doomed to collapse.
Unfortunately, he is wrong on a couple of key points that he uses to shore up his argument.
To be fair, Sachs was not completely biased against Bitcoin. He did acknowledge its strengths, saying:
Bitcoin is billed as a virtual currency that is independent of government or any other centralized authority. Its strengths are that it enables anonymous transactions and safety from taxation and confiscation by the state.
Of course, he later goes on to talk about claims of Bitcoin being used for criminal purposes, such as human and drug trafficking …
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