The former chairman of the Fed, Ben Bernanke, stated that Bitcoin (BTC) cannot be used as an alternative means of payment.
Bernanke stated that Bitcoin aims to replace fiat money, but it has not been successful in this regard.
The famous economist said that nobody buys food using Bitcoin because Bitcoin is so expensive and affordable.
According to Bernanke, pricing products in Bitcoin will be a major challenge as the value of Bitcoin fluctuates significantly.
The former chairman of the Fed believes that Bitcoin is mostly used to buy things that are illegal or illegal.
However, he added that he thinks Bitcoin will exist as long as people keep talking.
According to Bernanke, Bitcoin has no underlying value as it is not used in various industries.
“Bitcoin’s underlying use-value is something like ransomware or something like that”
Economist thinks cryptocurrency will also face much more regulation.
The Fed Is Late
Leaving the Fed chair in 2014, Bernanke is known for rescuing struggling Wall Street firms and institutions during the 2008 crisis.
In his last interview, Bernanke said that the Fed took a long time to respond to inflation and criticized the stance of the institution.
