Bitcoin Skeptic Admits He Was ‘Very Wrong’

Niall Ferguson, author of currency history book The Ascent of Money, was speaking earlier this month when he rowed back on his earlier comments, saying bitcoin and blockchain-based technologies would not be the “complete delusion” he had previously branded them.

“I was very wrong,” Ferguson said. “Wrong to think there was no … use for a form of currency based on blockchain technology.”

Ferguson’s recent bitcoin comments come after he previously expressed regret he didn’t listen to his teenage son and buy bitcoin in late 2014, saying it was the “worst investment decision of his life.”

“If I had listened to my son, I would have increased the dollar value of my investment by a factor of 45—or, if you prefer, I’d have made a return on the investment of 4,436%,” Ferguson wrote in late 2017. “The moral of the story is clear: when it comes to technology, pay heed to teenagers.”

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