Can Bitcoin redistribute wealth for millennials?

“You need redistribution of wealth’ Novogratz says, calling a transaction tax an “interesting” but controversial one.

2019 BTC PRICE RISE

2019 BTC PRICE RISE

The former Fortress hedge-fund manager pointed to a rising income gap and lack of investment in public education in the United States. One place to start could be a “controversial” Wall Street transaction tax, which would also extend to cryptocurrency trades. “I think you need redistribution of wealth, there are lot of different ways you can do that,” Novogratz told CNBC’s “Squawk Box ” Friday. “I think a Wall Street tax is an interesting one.”

In an interview with CNBC, Novogratz pointed to American economist Milton Friedman — a champion of free-market capitalism — who Novogratz said was writing at a time when there was a high marginal tax rate and workers had a bigger share of income and profits. “If Milton saw where things have gone today, he would have a different view,” Novogratz said.

While it hasn’t recovered anywhere near its all-time high, bitcoin has won out as the the digital version of gold and a store of value, Novogratz said in the “Squawk Box” interview. “Bitcoin is not going to be a payment currency — it’s going to be just like gold,” he said. “It won that lane.”

the millennial population may be all for cryptocurrency, but not their parents/grandparents. According to a recent survey of 1,000 retirees in America conducted by Gold IRA Guide, a finance magazine, Bitcoin isn’t all too popular with seniors. In fact, one-third of the respondents didn’t even know of BTC, in spite of the fact that it plagued mainstream television stations and media outlets throughout 2017 and early-2018. What’s worse, however, is the fact that 56.7% of those surveyed stated they knew of Bitcoin, but were hesitant to own any. These “no-coiners” chalked up their decision to the fact that they believe that cryptocurrencies are “completely imaginary constructs” and susceptible to jaw-dropping bubbles.

Categories: cryptocurrency, Gaming News, Technology

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Mohsen Daemi
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