Ben Bernanke, the former Chairman of the Federal Reserve, made his views against Bitcoin clear at a conference organized by Ripple in Toronto.
Echoing the views of J.P. Morgan CEO Jamie Dimon, Bernanke feels that the decentralized nature of Bitcoin, which puts it outside government control, will trigger its downfall. Speaking at Swell, a three day conference organized by Ripple in Toronto, Bernanke said:
“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.”
He attributed the current run up in price of Bitcoin to its speculative nature and felt that Bitcoin hasn’t proven itself as a transactional currency. In his opinion the government will eventually step in to prevent Bitcoin from rivalling fiat currency…
Read Full: Former Fed Chairman Ben Bernanke Believes Bitcoin Unlikely to Succeed
