Former U.S. Treasury Secretary Summers: Bitcoin "will continue to develop" and its price will continue to rise in the long run

According to cryptoglobe on January 18, former U.S. Treasury Secretary Dr. Lawrence H. Summers talked about Bitcoin and why its price will continue to rise in the long run in an interview last Friday (January 15).

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Dr. Summers is one of the top economists in the United States. He not only served as the 71st U.S. Treasury Secretary during the Clinton administration, but also served as Director of the White House National Economic Council during the Obama administration, President of Harvard University, and Chief Economist of the World Bank. Currently, he is President Emeritus of Harvard University and Charles W. Eliot University Professor.

Summers made these views on Bitcoin in an interview with David Westin, host of Bloomberg TV's "Wall Street Week" last Friday.

Towards the end of the interview, Westin asked Summers if Bitcoin was a bubble. Summers responded:

I'm not going to predict where Bitcoin is going to go in the next six months, but I think there's a lot of institutional interest in it and it's going to continue to grow. I don't think the whole system is going to collapse. I think it's going to go up and then down and then back down and it looks much more resilient. So I think people are going to embrace it. As it becomes more accepted and it has a fixed supply cap, that's going to be a factor that drives the price up.

On April 28, 2016, Digital Currency Group announced that Summers would join the company as a senior advisor. DCG is an investor in some of the most well-known companies in the crypto space, including Abra, Coinbase, Coindesk, BitGo and Ripple, as well as the parent company of Grayscale Investments.

According to CNBC, Summers said during a speech at the 2016 Consensus New York Conference on May 3, 2016 that he disagreed with comments made by JPMorgan Chase CEO Jamie Dimon in November 2015: "No government would support a virtual currency that bypasses national borders and does not have the same controls.

Summers said:

Jamie is a smart guy... but Bill Gates is also smart, saying the Internet is not going away. (Libert)