Crypto, “...that’s the financial system of the future, and it is still small enough not to be systemically important in 2018.”

Niall Ferguson accepts he was wrong about cryptocurrency turning out to be a delusion.

During his speech at the technology summit, Ferguson said that Bitcoin’s price correction from its December 2017 high to its current $4000 valuation was not something to be extremely worried about. According to him, the price was still a long way from zero and that Bitcoin will not turn out to be a complete delusion like he thought he would.
*“If I had listened to my son, I would have increased the dollar value of my investment by a factor of 45 — or, if you prefer, I’d have made a return on the investment of 4,436%… The moral of the story is clear: when it comes to technology, pay heed to teenagers.

“The novelties, the things that will really matter ten years hence are still relatively small in scale. Whether its bitcoin or cryptocurrency generally or the massive revolution in online payments that is being achieved by the big Chinese tech companies, that’s the financial system of the future, and it is still small enough not to be systemically important in 2018.” Please Read More Here