A Spanish economics professor said that the popularity of crypto proves that central banks have become “obsolete” in the modern world.
The comments were made by professor Pablo Agnese, a tenured lecturer in the Department of Economy and Business Organization at the Universitat Internacional de Catalunya Barcelona (UIC Barcelona), who added that young people were set to lead a societal change that will involve the “mass adoption” of digital currencies.
Agnese, per Europapress, added that banking “represents centralization, [asymmetric] clientelism and the lack of competition. Cryptocurrencies represent decentralization and competition.”
However, he added that this does not mean that crypto and the traditional banking sector “cannot coexist,” insisting they would instead need to take cues from one another to ensure mutual survival.
He opined that crypto is no passing fad, instead claiming that tokens were “here to stay.”
And Agnese claimed that a “great speculative element” had helped spur digital tokens to their recent highs “due to their highly technological and disruptive nature.”
He claimed that gold, too, had experienced a revival in recent months. The asset, like crypto, said Agnese, had benefitted from “the great uncertainty the international economy is now mired in.”
Central banks, he added, had been exposed by crypto, which has proven “the obsolescence of central banks and their monetary issuance policies.”