Nobel Laureate Ben Bernanke Blasts Cryptocurrencies, Says Tokens ‘Have Not Been Proven to Have Any Financial Worth at All’ – Information Bitcoin Information
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 largest 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, one 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 state of affairs the market is going through.
In an interview revealed by the Swedish journal Dagens Nyheter on Dec. 7, Bernanke said he doesn’t suppose 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 imagine that to this point cryptocurrencies haven’t been proven to have any financial worth in any respect.
Bernanke’s adverse opinion on crypto isn’t new, as he has additionally made comparable remarks up to now. In Might, Bernanke mentioned bitcoin was used “principally for underground economic system actions and infrequently issues which can be unlawful or illicit.” He additional defined that whereas bitcoin is getting used as a speculative asset, he doesn’t suppose it might probably attain the standing of another forex.
Regulation Received’t Assist
Whereas a number of specialists have referred to as for regulation on the cryptocurrency entrance as a approach for extra residents to succeed in crypto within the mainstream, Bernanke argues that regulated or not, cryptocurrencies are destined to fail.
On this regard, he defined:
Both they aren’t regulated after which they’ll collapse as a result of individuals mistrust them or they’re regulated after which they’ll collapse as a result of they’re principally used for felony exercise.
Nonetheless, up to now, Bernanke was extra open to the concept 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, laws could be issued to be able to cease it. On the time he remarked:
Ultimately governments will take any motion they should forestall it.
What do you concentrate on the current statements of Nobel Prize laureate Ben Bernanke on the financial worth of cryptocurrencies? Inform us within the feedback part beneath.
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