Nobel Laureate Ben Bernanke Blasts Cryptocurrencies, Says Tokens ‘Have Not Been Shown to Have Any Economic Value at All’ – News Bitcoin News
Ben Bernanke, former chairman of the Federal Reserve and likewise the winner of the 2022 Nobel Prize in economics, has just lately blasted the idea of cryptocurrencies. In an interview with Dagens Nyheter, one of many greatest Swedish journals, Bernanke remarked that cryptocurrencies haven’t confirmed they’ve any financial worth in any respect.
Ben Bernanke Blasts Crypto
The demise of sure cryptocurrency firms like FTX, which was one of many largest cryptocurrency exchanges, and likewise crypto lenders equivalent to Celsius and Blockfi, has made analysts reassess the actual contribution that cryptocurrencies have on the sphere of economics.
Ben Bernanke, some of the famend economists and co-winner of the 2022 Nobel Prize in economics for his analysis on banks and monetary crises, just lately said his opinion on cryptocurrency within the wake of the present scenario the market is going through.
In an interview published by the Swedish journal Dagens Nyheter on Dec. 7, Bernanke said he doesn’t assume cryptocurrencies represent a menace to the present monetary system as a result of no financial institution is sitting on a big pile of those property. He said:
I consider that up to now cryptocurrencies haven’t been proven to have any financial worth in any respect.
Bernanke’s unfavorable opinion on crypto isn’t new, as he has additionally made related remarks previously. In Might, Bernanke stated bitcoin was used “mostly for underground economy activities and often things that are illegal or illicit.” He additional defined that whereas bitcoin is getting used as a speculative asset, he doesn’t assume it might probably attain the standing of an alternate foreign money.
Regulation Gained’t Assist
Whereas a number of consultants have referred to as for regulation on the cryptocurrency entrance as a method for extra residents to achieve crypto within the mainstream, Bernanke argues that regulated or not, cryptocurrencies are destined to fail.
On this regard, he defined:
Both they don’t seem to be regulated after which they are going to collapse as a result of individuals mistrust them or they’re regulated after which they are going to collapse as a result of they’re largely used for prison exercise.
Nonetheless, previously, Bernanke was extra open to the thought of bitcoin and different cryptocurrencies changing into a menace to conventional fiat currencies. Again in 2017, Bernanke said that if bitcoin was close to to having equal transactionality as conventional currencies, rules can be issued so as to cease it. On the time he remarked:
Finally governments will take any motion they should stop it.
What do you consider the latest statements of Nobel Prize laureate Ben Bernanke on the financial worth of cryptocurrencies? Inform us within the feedback part under.
Sergio Goschenko
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