Kevin Helms reports in bitcoin.com that "Summers during an interview with Bloomberg Friday answering the question: “Is there a desire, is there a long-standing human desire to hold an asset that feels separate and apart from the day-to-day workings of governments? I think the answer to that question, history shows, it’s yes."
"Gold has been a primary asset of that kind for a long time. Crypto has a chance of becoming an agreed form that people, who are looking for safety, hold wealth in. My guess is that crypto is here to stay, and probably here to stay as a kind of digital gold."
He further noted that "cryptocurrency was unlikely to serve as a majority of payments, Summers believes that It may be an important part of commerce on the Internet."
While I agree with his view of crypto doubling as gold, he missed the point of it being used as a method of payment. I believe in the near future crypto will surpass Fiat for payment for goods and services. If anything, central banks issuing CBDC will make it happen sooner rather than later.
Source credit and full story - https://news.bitcoin.com/former-us-treasury-secretary-larry-summers-cryptocurrency-here-to-stay-digital-gold/
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