Investing.com – Former Fed chief Ben Bernanke, former Fed chief Ben Bernanke, spoke yesterday about cryptocurrencies, and specifically Bitcoin saying he doesn’t think it will take over “as an alternative form of currency.”
During an interview with CNBC, he pointed out that BTC and cryptos in general have had “success as a speculative asset,” Bernanke said in an interview with CNBC’s Squawk Box that aired Monday morning. “You see the negative side of it right now,” Bernanke said.
“If bitcoin were a substitute for fiat currency, you could use bitcoin to go buy your groceries. Nobody buys groceries with bitcoins because it’s too expensive and too inconvenient to do so,” explained , based on an example:
“The price of celery varies drastically from day to day in terms of bitcoin and so there is no stability in the value of bitcoin either.”
Bernanke also said he doesn’t believe bitcoin can serve as a “store of value” or “digital gold,” contrary to what many cryptocurrency proponents claim (hope).
“Gold has an underlying use-value. You can use it to fill cavities. The underlying use-value of a bitcoin is to do ransomware or something,” said Bernanke in the interview, joining the shit of officials (or former officials) who associate crypto with illegal activity.