Kevin Werbach, professor at Wharton University, in the US Congress cryptocurrencies He gave a lecture to the senators on the subject.
Explaining what digital currencies and cryptocurrencies are, Werbach enlightened the members with limited knowledge on the subject.
Blockchain Werbach, whose books have been published on the subject at the Massachusetts Institute of Technology, is also running a Blockchain project of his own.
Werbach: “Cryptocurrencies Have the Potential to Revolutionize the World of Finance”
Werbach started his speech by explaining the crypto money industry and the benefits of Blockchain technology to humanity:
“The exciting developments we have experienced in the digital asset world in recent years have the potential to revolutionize the financial world. Thanks to digital assets, equality in sectors of the economy can improve, productivity of almost every industry can be increased, and privacy and individual freedoms can be promoted. In addition, more competitive, fairer and more transparent markets can be created.”
Werbach also talked about the risks of new digital assets:
“I specifically used the word potential for the benefits I mentioned. The benefits of digital assets and Blockchain technology are still unclear. Lawmakers and regulators should carefully consider the benefits and harms of cryptocurrencies.”
Saying that crypto assets should be audited, Werbach stated that this audit should be carried out in a way to ensure the long-term success of this new technology, not to block the way.
Professor Werbach also talked about Bitcoin and Ethereum:
“bitcoin and Ethereum The increase in the value of cryptocurrencies and attracting such attention in the mainstream is due to the fact that they can create the trust factor at an advanced level. This is a significant achievement for decentralized systems. However, we must also understand that the price of these cryptocurrencies reaching extremely high levels may not be sustainable. These movements are balloon movements. The bubble does not have to go down to zero for it to burst. There are even economists who argue that bubble structures should be formed for technological innovations. We cannot ignore the potential benefits of digital assets. However, we cannot ignore the potential dangers they can bring.”
Professor Werbach Says He’s Highly Skeptical about Tether
In addition, the professor Tether He also expressed his thoughts on (USDT). Saying that Tether has more than $70 billion in unregulated assets, Werbach expressed his doubts that this cryptocurrency is potential manipulation and fraud.
*Not investment advice.