Ex-FED Chair: Bitcoin’s Underlying Value Is To Do Ransomware

Ex-FED chair Ben Bernanke said that Bitcoin’s underlying value is to do ransomware and pointed out that the awkwardness of paying with BTC only makes it unusable sol let’s read more about it in today’s latest Bitcoin news.

The EX-FED chair Ben Bernanke noted in an interview with CNBC cryptocurrencies are intended to be a substitute for fiat money and they haven’t succeeded. The economist added that the crypto appeal lies with the fact that it is successful as a speculative asst but with the price crashes recently, Bernanke says were are only seeing the downside right now. He added:

“If Bitcoin were a substitute for fiat money, you could use Bitcoin to go buy your groceries. Nobody buys groceries with Bitcoin because it’s too expensive and too inconvenient to do that.
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"I don't think that #Bitcoin is going to take over as an alternative form of money," says @BenBernanke. pic.twitter.com/yl9gs6VZKX

— Squawk Box (@SquawkCNBC) May 16, 2022

Comparing Bitcoin’s uses to gold, Bernanke added that you can use gold to fill the cavities and the value of BTC is only to do ransomware. The former central bank chair outlined the growing risk of the state regulations:

 “One of the other risks that Bitcoin has is that it could be subject to a lot more regulation, and anonymity is also at risk, I think.”

Despite these comments, Bernanke was a chair at the FED nearly ten years ago, and he saw crypto’s early potential. He said that crypto could hold long-term promise especially if the innovation promotes a secure and faster payment system. One of bitcoin’s popular narratives pushed by the BTC maximalists is that the number one cryptocurrency offers a store of value similar to digital gold. This view was largely held and at some time by Bitcoin advocates like Elon Musk, Mark Cuban, and Michael Saylor. However, the reports from Arcane Research indicated that Bitcoin’s correlation with the NASDAQ reached its highest point since 2020 while the crypto’s correlation with gold hit a new low.

Unless crypto developers can research and find ways to fill the holes with crypto, the maxis will have to try and win with different arguments. As recently reported, Interest rates are going up half a percentage point but the crypto and stock markets are headed up by a bigger chunk.