Former Chairman of the Federal Reserve Board, The 2022 Nobel Prize winner in economics recently denounced the concept of cryptocurrencies. In an interview with Dagens Nyheter, one of Sweden’s largest journals, Bernanke said that cryptocurrencies have not proven to have economic value at all.
Ben Bernanke blows up cryptocurrencies
Certain cryptocurrency companies like FTX, which was one of the largest cryptocurrency exchanges, as well as Celsius and Blockfi cryptocurrency lenders collapse, prompting analysts to reassess the true contribution cryptocurrencies can make to the field of economics.
Ben Bernanke, one of his most famous economists and co-winner of his 2022 Nobel Prize in Economics for his work on banking and financial crises, said that given the current market situation, , recently expressed his opinion on cryptocurrencies. facing each other.
In his December 7th interview with the Swedish journal Dagens Nyheter, Mr. Bernanke said he does not believe cryptocurrencies pose a threat to the current financial system. Stated. A mountain of these assets. He said:
So far, I don’t think cryptocurrencies have shown any economic value.
Bernanke’s negative views of cryptocurrencies are nothing new, and he has made similar statements in the past. Bernanke said in May that bitcoin is being used “primarily for underground economic activities, often illegal or illegal”.
Regulations are useless
Multiple experts argue that more citizens Calling for front-line regulation of cryptocurrencies as a way to get there, Bernanke says cryptocurrencies are doomed to fail, regulated or not.
In this regard, he explained:
Either it collapses because it is not regulated and people distrust it, or it is regulated. It is either used and most of it will collapse due to being used. for criminal activity.
But once Bernanke was more open to the idea that Bitcoin and other cryptocurrencies would pose a threat to traditional fiat currencies. Back in 2017, Bernanke said that if Bitcoin had the same transactionability as traditional currencies, regulations would be issued to stop it. His statement at the time:
Ultimately, governments will take all necessary steps to prevent it.
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