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RE: Why Economists Are Against Cryptocurrency

in LeoFinance5 years ago (edited)

Keynesianism was essentially created to justify government intervention into markets. Most countries on Earth use Keynesianism as their economic philosophy.

Cryptocurrencies are most aligned with the principles of Austrian Economics pioneered most famously by Ludwig Von Mises. A given crypto’s success depends on how closely aligned with these economic principles it is, for example; Bitcoin is currently the most closely aligned with Austrian economic principles and is therefor (currently) the most valuable and will remain to be such unless someone comes along and creates a crypto even more successful in aligning with Austrian principles.

Keynesianism and its economists oppose the concept of cryptocurrencies on the very basis that makes them valuable, lack of control and manipulation by a centralized government.