Here’s What Former Head of Federal Reserve Had To Say About Bitcoin Market | Blockchain
An American economist Ben Shalom Bernanke who served two terms as Chairman of the Federal Reserve, the central bank of the United States has responded on Bitcoin currency and 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.”
While addressing a conference hosted by the blockchain firm Ripple On Monday in Toronto, Bernanke described bitcoin as a “mostly speculative venture” that “hasn’t shown itself to be a real transactional currency.”
He also said the governments will eventually take any action they need to prevent Bitcoin.
Mr. Bernanke praised Ripple, which provides blockchain software to banks and has its own native currency called XRP, for working with regulators.
“The Fed, the Bank of England, and Japan are very supportive of these technologies because they will improve payment systems,” he said.
