Economic historian Niall Ferguson suggested to US President Joe Biden to integrate Bitcoin (BTC) cryptocurrency technology into the country's financial system.
According to him, the Biden administration should focus on the benefits of BTC which are created with less centralized features and maintain user privacy compared to systems that limit the use of society.
Ferguson's proposal was unveiled in a Bloomberg op-ed partnership today.
The figure is a former BTC critic and was listed as one of the 100 influential individuals by Time in 2004.
Ferguson also described consumer financial information as having to be protected by Bitcoin compared to Alipay, China's largest payment platform.
The proposal is driven by the key features of BTC, scarcity (limited) which covers shortages involving slow transaction periods, expensive transaction charges on centralized exchanges such as Coinbase and high energy consumption.
"The advantage of scarcity is when the cash supply is sluggish." he said.
The average sees Fegurson's proposal as a positive proposal in the US financial system. However, all decisions depend on Biden's idea of Bitcoin.
So far, the future president has officially nominated Janet Yellen, former chairman of the Federal Reserve, as treasury secretary.
