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Former Fed Chair slams Bitcoin, claiming its principal use case is "to carry out malware"

Gus – Cryptocurrency Expert

There has been a lot of misunderstanding regarding Bitcoin's utility, especially among policymakers. Treasury Secretary Janet Yellen enraged the crypto community in January 2021 when she said that Bitcoin and other cryptos were mostly utilized for illegal funding. Several others have expressed misgivings about Bitcoin's status as a financial tool, albeit she eventually backtracked on her previous statements.

Dr. Ben S. Bernanke, the former chairman of the Federal Reserve, is the latest to express his dislike of the main cryptocurrency as a form of money.

Bernanke, a distinguished senior fellow of the Economic Studies programme, was interviewed on CNBC's "Squawk Box" last week. Bitcoin, according to the Brookings Institution, is merely a "speculative asset." While gold has intrinsic worth because it can be used to "fill voids," Bernanke pointed out that "the fundamental use value of a Bitcoin is to do ransomware or something like."

“Another risk that Bitcoin faces is that it may be subjected to much greater regulation in the future. And, I believe, anonymity will be jeopardized at some time. As a result, Bitcoin investors should be aware of this.”

Bernanke has expressed reservations about digital assets. He addressed a letter to the Homeland Security Committee in 2013 warning that cryptocurrency might be dangerous to law enforcement.

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