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#LarrySummers : “ #Blockchain is Going to Be Fundamental”

Larry Summers, the former Secretary of Treasury of the Clinton administration

Cointelegraph looks at Larry Summers views on the #blockchain .

#LarrySummers , the former #SecretaryofTreasury of the #Clinton administration, is impressed by #blockchaintechnology and believes that it will change financial practice and exchange as we know it today....

He has also served as the President of Harvard University and Chief Economist of the World Bank. When he makes a statement on matters concerning the financial sector, the world notices.

Speaking at Consensus 2016 in New York, Larry Summers says:

“Is the blockchain technology going to be fundamental? I think the answer is overwhelmingly likely to be yes. Is bitcoin going to be a valuable store of value, the same way as people use gold? I don’t know, but I think that certainly the answer is 'no' doesn’t seem like the right position to take.”


"While there are arguments you can’t get all the benefits [of blockchain] without Bitcoin, my suspicion is that ways will be found to get those benefits without the uncertainty in the value of Bitcoin relative to the ways people hold money and denominate transactions.”

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