# Prof. David Yermack's research on Bitcoin is highlighted

1 Faculty News July 9, 2014 ![Knowledge at Wharton logo ](/sites/default/files/styles/246w/public/assets/images/knowledgeatwharton192x144.jpg?itok=L--sWOiV)>

Excerpt from [Knowledge@Wharton](http://knowledge.wharton.upenn.edu/article/heads-tails-future-holds-bitcoin-altcoins/) -- "[David Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack), finance and business transformation professor at New York University’s Stern School of Business, notes that critical to the survival of a cyber-currency is government support. 'I am skeptical that any form of money will be successful if it is not backed by a sovereign government. Without this sort of foundation, a currency really cannot be a form of property because it cannot be pledged as collateral, foreclosed upon, reassigned in bankruptcy and so forth,' he says. 'This will make it unattractive in a wide range of commercial settings.'"

[Read more](http://knowledge.wharton.upenn.edu/article/heads-tails-future-holds-bitcoin-altcoins/)