The chief French scientist and politician of the national bank called Bitcoin (BTC) “fantasy” and “pseudo-energy” and justified the probability that the symbolism would later be in cash, stating that at the moment it does not meet models pleased with the fiat.
The case was processed in a document provided by Banque de France, the national bank of the country. This document was created by Christian Pfister, a partner professor in finance and cryptographic forms of money at the famous Pantheon-Sorbonne University. Pfister is also the head of the Financial Stability and Operations Office of the National Bank.
Pfister is considered one of the main developers of the Advance Strategy (CBDC) of the Banque Nationale de France, which he also discusses in the archive.
Pfister usually pretentiously assesses the chances of bitcoin on a long-term achievement, guaranteeing that “original” tokens such as BTC are part of “scanning legend”.
He argues that bitcoin is mainly used for “theoretical reasoning” and for “exchanging contributions under a pseudonym, helps to provide protection, but further encourages the financing of illegal exercises”.
Referring to the research published in the “Review of Financial Research” at the end of the year, he repeats the case that “the expected quarter of the total number of exchanges of Bitcoins and almost half of their value are believed to be linked to criminal operations”.
He also says that BTC is used to transfer subsidies abroad, but includes:
“In any case, the disadvantage for customers is that the costs involved are difficult to estimate ex-bet due to the instability of the value in the two branches of exchange. The fund can also be clogged, as it cannot process mass payment”.
Moreover, like others before him, he discloses the case of bitcoin failing on each of the three checks to meet the three necessary conditions of cash, as described by old-style scholars.
He’s making this up,
“Generally speaking, bitcoin does not satisfy or satisfies only half the three elements of cash. It is anything but a unit of record (it is used only from time to time to estimate goods and enterprises, particularly work and capital) and is not an instalment instrument (not many purchases of products and enterprises are made in bitcoins) or a repository of significant value (its scale of exchange with different monetary forms and hence its incentives for products and enterprises are excessively unstable.)”
Pfister joined the positions of other cynical Bitcoins, which include any similarity to Peter Schiff, Jim Rogers, Warren Buffett, Nouriel Rubini, Paul Krugman and Joseph Stiglitz.