Why Does Academia Have A Bias Against Bitcoin

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Academia is no fan of Bitcoin. The vast majority of professors are hugely biased against it. For example, Professor of Economics Nouriel Roubini of New York University doesn’t even try to hide his intense hatred for Bitcoin. Roubini told Bloomberg that “the Flintstones had a better monetary system than bitcoin” and has repeatedly called it a “bubble” since 2015. When asked to give expert testimony to the U.S. Senate, Roubini called Bitcoin “the mother of all scams” and smeared all its supporters as “scammers, swindlers, criminals, charlatans, insider whales and carnival barkers.”

Roubini is far from unique among academics in his disdain for Bitcoin. Prominent academic economists are nearly universal in their dismissal of Bitcoin. Few professors have deeply studied Bitcoin and even fewer really understand it; yet, many professors have ruled Bitcoin out.

I recently had the immense honor and pleasure of presenting to the HxEconomics Community, a group facilitated by Heterodox Academy, an organization of university professors, students and staff “committed to enhancing the quality of research and education by promoting open inquiry, viewpoint diversity, and constructive disagreement in institutions of higher learning.” As a testament to living their values, the economics discussion group graciously invited me, a nonacademic without any special credentials to present, to a panel titled, “Overlooked Orthodoxy, Academia’s Bias Against Bitcoin.” In the fruitful informal discussion that followed, the small group of professors and students agreed my thesis was likely true: There is an inherent bias in academia and the economic body of research/theories it produces in favor of supporting a “fiat” or managed monetary system and against Bitcoin specifically.



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