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Monday, May 17, 2021
Home News Bitcoin has no future, says UBS chairman Axel Weber, Blockchain does.

Bitcoin has no future, says UBS chairman Axel Weber, Blockchain does.

In a recent article at City AM from Chris Papadopoullos,  UBS chairman Axel Weber was quoted telling the crowd at Bank of England’s Open Forum that Bitcoin has no future.

During a discussion at the Bank of England’s Open Forum, he said private currencies will fail to take off “because there is no lender of last resort – there will always be boom and bust”.

During a financial crisis, central banks such as the Bank of England are able to change the supply of money in order to calm crises, which is not possible to do with a private currency. The lender-of-last-resort role is one the Bank adopted over a century ago.

 

Weber’s sentiment was echoed by Bank of England deputy governor Minouche Shafik.

“Liquidity is a public good, central banks are well placed to provide it,” she said.

However, Weber talked up the benefits of blockchain, the technology that underpins bitcoin transactions. It has been lauded as an ultra-efficient way to manage transactions.

In fact, UBS has its very own blockchain lab in London, where a group of boffins are currently exploring the ways in which blockchain technology can be used in financial market transactions.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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