Sergei Guriev, Professor of Economics at the Paris Institute for Political Studies (Science Po) And a critic of Vladimir Putin, he told Cointelegraph how Bitcoin can be used as a tool to fight authoritarian regimes, even though it “has no fundamental social value”.
Unlike fiat currencies No institution supports the purchasing power of Bitcoin. That is why, according to Guriev, “Bitcoin is a purely speculative instrument with no fundamental value.”
He also noticed that Unlike corporate stocks, Bitcoin does not produce or promise cash flows.
“Bitcoin doesn’t produce anything of added value,” he said. That its value “depends only on the fact that all parties like to use it as a medium of exchange,” says Guriev.
However, Guriev recognizes the important role Bitcoin plays against authoritarian regimes like Russia, where it is used as a very valuable tool for anonymous support for the opposition.
“The Russian government is ensuring that opposition public donors are in some way harassed or prosecuted.” he said to Cointelegraph.
Guriev himself fled Russia to avoid being harassed by the Russian authorities after openly supporting local opposition to the Vladimir Putin regime.
According to Guriev Bitcoin’s pseudonym and resistance to censorship are the main reason that Russia will pass a law that will take serious action against digital currencies in the country.
“Anonymous financing instruments like digital currencies are the enemy of the Russian state.”, It says.
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