One of the most popular United States economist, Milton Friedman, has predicted the rise of cryptocurrencies such as Bitcoin in 1999. Milton Friedman mentioned that a reliable but discreet method of economic transactions would developed at the net within the nearest future.
Milton Friedman stated:
“The one aspect that’s missing, but that will quickly be created, it’s a reliable e-electronic cash. a way in which shopping for on the internet you may transfer finances from A to B, without A knowing B or B knowing A. The way wherein I can take a twenty-dollar bill and hand it over to you and there is no record of where it came from. Moreover, you may get that without knowing who I am. That sort of thing will develop on the internet.”
Nobel Prize winner in financial Sciences, Milton Friedman is taken into consideration one of the most influential economists and thinkers of the twentieth century. Heading the Chicago School of Economics, Friedman was a strong advocate of financial liberty, free markets and free business enterprise. Milton Friedman studied at Rutgers University, in which he specialized in arithmetic and economics. He graduated from the university in 1932. Throughout this time at the school economics professors Arthur F. Burns and Homer Jones influenced Friedman.
Within the 1960s, Milton Friedman vigorously adverse the Keynesian financial policies of the united states authorities. Bitcoin is a digital payment system and a cryptocurrency that was released as an open-source software program in 2009. It is taken into consideration because the first decentralized cryptocurrency in the world as it successfully works without the need of a central repository.
According to Cambridge University reserch in 2017, there are already round 2.9 to 5.8 million customers of cryptocurrency wallet all over the world with a majority of the customers reportedly using Bitcoin.