US calls to ban cryptocurrencies

The leadership of Duke University in the United States has called on the world to abandon cryptocurrencies and ban their use. Lee Reiners, director of the University’s Center for Global Financial Markets, said in an interview with Insider that he expects cryptocurrencies to fall in popularity, as he sees «no real option for their use.» Reiners believes that the current cryptocurrency crisis and the collapse of large crypto projects completely refute the claim that digital assets can be a hedge against inflation, a similar opinion previously expressed by Dogecoin co-founder Billy Marcus.

The university representative said that the «boom» in the crypto industry was caused by the weakness of the US financial system during the pandemic, not by the advantages of crypto assets over fiat currency.

«Blockchain technology is not new to the world. Bitcoin has been around since 2009, but we are still waiting for the most useful way to use it. We should say to ourselves: if it hasn’t happened yet, it may never happen,» Lee Reiners summarized his radical position.