Former ‘Plunge Protection Team’ Member Backs Cryptocurrencies

Dr. Pippa Malmgren, a US policy analyst and former member of the Working Group on Financial Markets, a government entity better known by its nickname, the “Plunge Protection Team” has recently been quoted extolling the virtues of cryptocurrencies.

The analyst was interviewed regarding a number of different topics, but Blockchain and the future of centralized currencies came up. Dr. Malmgren said that she understood the draw to cryptocurrencies, especially for governments seeking control of black markets, and for simpler systems to draw tax revenue from transactions.

“You really eliminate the black market because you can’t transact anymore without it being seen. And so, for example, the European Union are talking heavily about moving to electronic money because then all this black market activity that happens in Greece and Italy where there’s no tax, we will be able to get all that tax revenue off it.”

Dr. Malmgren also pointed out that the future of control in the cryptocurrency world is going to be determined by who has the greatest computing power.

“The question then is who has most transparency over the Blockchain and e-money, and I would argue it is going to be whoever has the most and fastest processing power, which may be governments at times, it may be private at times, it may be fluid.”

Support for cryptocurrencies at such a high level indicates widespread acceptance among leading government analysts.


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