![\"Former](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/05\/bernanke.jpg\")
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Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is \u201cmostly for underground economy activities and often things that are illegal or illicit.\u201d He added, \u201cI don\u2019t think bitcoin is going to take over as an alternative form of money.\u201d \n Bernanke is an economist who served two terms as the chairman of the U.S. Federal Reserve, from 2006 to 2014. He oversaw the Fed\u2019s response to the late 2000s financial crisis during his tenure as chairman.<\/p>\n Noting that the values of bitcoin and other cryptocurrencies change minute-to-minute, he said Monday:\n<\/p>\n They\u2019ve been successful as a speculative asset.<\/p>\n<\/blockquote>\n \n He continued: \u201cIf bitcoin were a substitute for fiat money, you could use your bitcoin to go buy your groceries. Nobody buys groceries with bitcoin because it\u2019s too expensive and too inconvenient to do that. Moreover, the price of groceries \u2026 varies radically day-to-day in terms of bitcoin so there is no stability either.\u201d<\/p>\n He opined:\n<\/p>\n The main use of bitcoin is mostly for underground economy activities and often things that are illegal or illicit.<\/p>\n<\/blockquote>\n \nBernanke further said:\n<\/p>\n I don\u2019t think bitcoin is going to take over as an alternative form of money.<\/p>\n<\/blockquote>\n \n
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<\/strong>\n<\/p>\nBen Bernanke on Bitcoin, Cryptocurrency<\/h2>\n
\nFormer Federal Reserve chairman Ben Bernanke shared his view on bitcoin and other cryptocurrencies in an interview with CBNC Monday.<\/p>\n\n
\nHowever, he pointed out that \u201cThey were intended to be a substitute for fiat money,\u201d adding that \u201cin that respect, they have not succeeded.\u201d<\/p>\n\n
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\nNonetheless, he expects that bitcoin and cryptocurrencies \u201cwill be around as long as people are believers and they want to speculate.\u201d<\/p>\n