Harvard professor Niall Ferguson, author of currency history book “The Ascent of Money”, has admitted he was wrong amount Bitcoin and blockchain being a “complete delusion”.
His book The Ascent of Money: A Financial History of the World first published in 2008 was adapted as a television documentary for Channel 4 and PBS, winning an International Emmy Award in 2009. It examines the long history of money, credit, and banking.
The author now admits he should have listened to his teenage son and bought Bitcoin back in 2004 claiming, with the benefit of hindsight, the decision not to invest in the flagship cryptocurrency was the “worst investment decision of his life”, commenting:
“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.”
Ferguson was speaking at The Australian Financial Review Business Summit earlier this month, now freely admitting that he was “wrong to think there was no… use for a form of currency based on blockchain technology”.
The acclaimed author is the latest to endorse Bitcoin and cryptocurrencies after Twitter’s Jack Dorsey, Tesla’s Elon Musk and Apple co-founder Steve Wozniak all praised the technology recently. Twitter founder Dorsey is so convinced that it is still early days for Bitcoin that he committed to putting by USD 10,000 worth of the cryptocurrency by per week.
Tech entrepreneur Musk ranked 21st on the Forbes list of The World’s Most Powerful People, concurs with Dorsey suggesting, “Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”
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