Lawrence Summers, previous Chief Economist of the World Bank, former Treasury Secretary, and former director of the National Economic Council on Cryptocurrency in Bloomberg Wall Street Week:

When Lawrence Summers was asked, you have said in this program that cryptocurrency is here to stay. Do you think cryptocurrency is here to stay? Why is it here to stay? What does it do for us?

He replied:  Look does it matter to the overall economy? Does it matter to the overall growth standard livings of Americans? Is it as important an issue as it is an issue that attracts media attention? No.

Is there is a long-standing human desire to hold an asset that feels separate and apart from the day-to-day workings of governments? Yes.

Gold has been the primary asset of that kind for a long time. And, I think crypto has a chance of becoming an agreed form that people who are looking for safety hold wealth in. So, my guess is crypto is here to stay. And, probably here to stay as a kind of digital gold. And, if you imagine that crypto became half or even a third of the total value of gold, that would be a substantial appreciation from current levels.

And, that is why I think there is a good prospect that crypto will be a part of the system for quite a while to come. But is crypto good on assuring some kind of libertarian paradise with which most of us could be making the most with most of our payments using Bitcoin or some other crypto asset – I rather doubt it.

Is this going to be something fundamental in commerce on the internet? It may be an important part of commerce on the internet.

So, this is another good reason for the friends of bitcoin to stick to their guns about the ability of the BTC and its ability to be able to stay and be around for quite a long while from now. This is despite, the master crypto sliding down by 30% in a single morning.

The convictions of BTC holders are as high as they project them to be. While all these are happening, Central Bankers are continuing to express their skepticism in terms of BTC, and they are concerned about whether and how CBDC could improve on an already safe, effective, dynamic, and effective US domestic payment system.