John Williams Arguments Against Cryptocurrency

San Francisco Federal Reserve Bank admits anti-Bitcoin stance

It’s probably the world’s worst kept secret. This is because most are already aware of the fact that the banking industry doesn’t view Bitcoin in a positive light. In some countries, banks are doing all they can to control or even crush the cryptocurrency movement. While America might proclaim to be the home of the brave and land of the free, freedom is not something it’s willing to allow cryptocurrencies. In a pretty damning statement, John Williams - the soon-to-be president of the New York Federal Reserve Bank – believes that cryptocurrency “doesn’t pass the basic test of what a currency should be.”

Leaning on a tired argument

Pro-establishment and anti-Bitcoin, Williams is the current head of the San Francisco Federal Reserve Bank. His arguments against the rise and adoption of Bitcoin all hinge on the tired “store of value” argument, as he claims that any viable currency has to be “something with a store of value”. He furthered that by claiming that currencies also need to be extremely resilient – almost elastic-like – in order to push through varying economic and financial conditions. It’s safe to say that it’s not the first time that the world has heard these arguments and it certainly won’t be the last.

Williams - a man that has spent his entire career in and around the banking industry – has admitted that he’s “very biased” against cryptocurrencies. He also explained the reason behind this way of thinking when he said, “The setup or institutional arrangement around Bitcoin and other cryptocurrencies, first of all they have problems with fraud, problems with money laundering, terror financing. There is a lot of problems there. My view is it’s more a promise of technology.”

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