By CCN.com: Kevin Dowd is a Professor of Finance and Economics in the Business School at Durham University, Northeast England, and the co-author of the 2015 paper “Bitcoin Will Bite the Dust,” along with market analyst and author, Martin Hutchinson, for the libertarian Cato Institute in Washington DC.
CoinDesk published an op-ed by Dowd Monday, with the title, “Bitcoin Will Still Bite The Dust,” in which the libertarian finance and economics professor avers that Bitcoin is doomed to failure.
Well what he says exactly is that Bitcoin will “bite the dust,” and what he means by that is:
Bitcoin can “not survive in the long run,” and “I still think that the long-run equilibrium price of bitcoin is zero. It just hasn’t bitten the dust yet.”
And technically he might be right, the same way John Maynard Keynes was right when he said:
“In the long run we are all dead.”
-John Maynard Keynes, Dead British Economist
John Maynard Keynes. Image from Wikipedia.
But before we take a look at the two reasons Professor Dowd gives for why Bitcoin will “bite the dust,” here’s an excerpt about him from Wikipedia to give you an idea where he’s coming from:
“Dowd’s main subject of research is private money and free banking—monetary and financial systems that operate without any government intervention and in the absence of any central bank. A related focus of his work is on central banking and other forms of state intervention into economies, most particularly, on deposit insurance, the lender of last resort and bank capital adequacy regulation.