Prominent British historian and author of ‘The Ascent of Money,’ Niall Ferguson, has retracted the pessimistic assertions that he had previously made with regards to the prospective utilities for Bitcoin and distributed ledger technology. The comments come one month after Ferguson was announced as an advisor to the stablecoin Ampleforth.

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Niall Ferguson Retracts Previous Criticisms of Cryptocurrencies

While delivering the keynote speech during the first day of the Australian Financial Review Business Summit last week, Ferguson stated that he “was very wrong” in doubting the potential applications for cryptocurrency and blockchain technology.

Referring to previous statements in which he predicted that virtual currencies would “turn out to be a complete delusion,” Ferguson stated that he was “wrong to think there was no…use for a form of currency based on blockchain technology.”

Niall Ferguson Retracts Critical Appraisal of Crypto and DLT

On the topic of price action, Ferguson noted that despite…

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