Ex-Fed Chairman Ben Bernanke Warns Bitcoin (BTC) Of Two Massive Risks “Investors Should Be Aware Of”
Former Federal Reserve Chairman Ben Bernanke is warning Bitcoin (BTC) investors.
In a new CNBC interview, Bernanke says Bitcoin faces two existential risks from lawmakers and governments.
“One of the other risks Bitcoin faces is that it could eventually come under much more regulation. And I think anonymity is also at risk at some point. So investors in Bitcoin should be aware of that.”
Former Fed Chair Says Bitcoin and Other Cryptos Failed in Their Original Mission
“Bitcoin and other cryptocurrencies that change value by the minute have thrived as speculative assets. And people are seeing the flip side of that right now. But they should be a substitute for fiat money. And I think they failed in that regard.
Because if bitcoin were a substitute for fiat money, you could use your bitcoin to buy your groceries. No one buys groceries with bitcoin because it’s too expensive and cumbersome. Furthermore, the price of food, the price of celery, fluctuates radically from day to day in relation to Bitcoin. So there is no stability in the value of bitcoin either.”
According to Bernanke, Bitcoin is unlikely to replace fiat currency as a form of money.
“I don’t think bitcoin will take over as an alternative form of money. It will exist as long as people believe and want to speculate about it.”
Bitcoin is trading at $29,800 at the time of writing.
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