Bitcoin will not become an alternative form of money, says former Fed Chair Ben Bernanke
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- čas přidán 15. 05. 2022
- CNBC's Andrew Ross Sorkin sits down with former Federal Reserve Chairman Ben Bernanke, author of '21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19,' to discuss whether he believes the U.S. is in for a recession, crypto and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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Everything this man is saying is actually the opposite of what will happen.
Because they want a full control of your money
Fascinating he can't say 'STOP PRINTING RECORD AMOUNTS OF MONEY!'
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“We do not expect significant spill-overs from the subprime market to the rest of the economy or the financial system.” - Ben Bernanke, May 2007
I don't go to the fed for crypto advice for the same reason I don't call the old folks home for tech support.
old or not he has a point though, there is no underlying use for bitcoin. Only reason people hodl bitcoin because they expect the price to go up in dollar terms, but if they knew that the price will not go up they will sell their bitcoin today. They don't need it for anything other than that
@@sten260 Not really true. I've used it for overseas transactions with Alibaba suppliers. It was so much easier. It [can be] cheaper than a wire and you don't have to deal with bank-to-bank transacting. Some banks won't work with other countries' banks, especially Asian and Indian banks. See, Bitcoin is still niche, most people don't understand how to transact it (i.e. I had to play tech support for my Ali supplier's crypto wallet). That's critical for any currency, but I think it 10 years that won't be a problem.
@@sten260 You think people would buy stocks if they knew the price wouldn't go up and they could get a return? Does that mean the stock market is useless too? There are many uses for BTC and just because there are many speculators doesn't make it worthless. BTC was just used by many Ukrainians to get their wealth out of their country. If you are in the banking system the government can just hold your assets and block all transfers. With BTC you cannot be stopped. You can send money to anybody in the world within minutes without being censored and nobody can confiscate it without your private keys which can literally be memorized in 12 words. Yes the average person in a rich western country wont appreciate its uses because they are fortunate to live in a bubble away from the rest of the world with far more hardship and less trustworthy governments.
@@Foomanlol people buy stocks because of the underlying company, if they don't think the company is any good they wont buy the stock no matter what. Bitcoin does not produce anything or pay interest or earn money so it's completely useless asset
@@justinminer1354 yes this would have been so amazing and I was really hopeful for usung it for these purposes, but again stability and store of value are 2 of the 4 pillars of usable money.
Also the restrictions on it can be easily imposed by individual governments. So one day you have bitcoin, the next day the government might be after you to stop using it
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@Kelsie Graham he is a scammer
Btc It is a valid currency in 2 countries in less than 12 years of existence already
For that reason I Have all my life saving on BTC.
@@manekedark im all in on crypto too. If it starts to be accepted as payment in more places, which it will when a bit more regulation comes, i literally won't have to rely on fiat or banks at all. I earn my money in crypto and I will soon be able to spend it in crypto without having to cash out to dollars.
Ofcourse he says that. He represents the traditional monetary system and is personally responsible for the demise of that system.
Todgecoin 👍🏼
Truth hurts kid keep holding on to your magic internet money. He's right.
You're right, but so is Bernanke, on this subject. Nothing with that type of volatility can be money.
@@religionlol7323 I dont hold any bitcoin or other cryptocurrencies for that matter. I still believe he is the last person to ask about this. He represents the traditional monetary system and an institution with ultimate unilateral control over the monetary supply and the rate of inflation/deflation in an economy at a particular time. Crypto was created to provide an alternative to everything he represents.
The Traditional Monetary system? Let's just call it what it is: The Rothschild's Luciferian Banking System
I'll stick with the system that isn't manipulated to benefit a select few. Thanks though.
Remember when he said in 2006 that home prices never go down. He probably has no better idea what might happen than the rest of us.
He said that?
Exactly, he's just another paid idiot saying what the rich people want him to say.
@@mingdianli7802 he’s human like the rest of us why y’all think he’s the most genius economist to ever exist or that he always has some crazy insider information? He may have worked for the fed but he is barely even a millionaire.
Are the home prices down?
Help us. This man wrote a book in which he also discussed bitcoin? Really? Did he not do any research? Disappointing ignorance on full display here
FEDS LOST ALL CREDIBILITY THATS WHY WE ARE NOW SEEING THEM SPEAK SO FUNNY 😆
Of course he says this he’s part of the fed money system
Hey guys GOLD has value because you can use it to fight against cavities 🦷 🤣
🤣
🤑
he's completely clueless, with talking points from 5 years ago.
Coming from him, it would have been very surprising if he had said otherwise.
great interview
Alternative title: Buy as much Bitcoin as you possibly can before it's too late
They said the same thing about the internet.
the video is from 2012?
"Bitcoin will not become an alternative form of money." It already is, ya dingus!
Outside ETH and BTC, the other top 5 market cap crypto are ALL USD stable coins. In fact, the collapse of UST pushed BTC down below 30K. There is no denying the VAST MAJORITY of the crypto community are just speculators wanting to make fiat money. Otherwise, these stable coins wouldn't have grown so large. If they really love crypto, not USD fiat, then we wouldn't be having a crypto winter right now because crypto is much cheaper.
Bernanke is right. Most crypto buyers treat it as a fiat money-making asset, nothing more.
On BTC, he is contradicting himself by saying that it is used for under economy activities while at the same time he says that anonymity is at risk…
That's not what he said
He is a clown.
Interesting to see that the jury has been struggling for quite some time to throw the Nobel Prize image in the trash. This man should be in jail!
Tesla stock is also not going to be money so I guess I should never buy Tesla stock. Dumb. Ppl will buy bitcoin because it serves a purpose that money doesn’t: it stores wealth.
Awesome!
Here's the guy who said QE would be temporary......
and rates would "normalize" when unemployment dipped below 6.5%.....
The "Patient zero" of the "new federal reserve".
IN SATOSHI WE TRUST
I wanna be head of the central bank but where do you start?
Bernanke my guy, we got Monero for illicit activities. Not bitcoin lol
Store of value not currency
Except it has no physical utility so isn’t a store of value. Only worth what buyers are willing to pay (just like USD).
He only states BTC as underground vs. used for remittance( with great reduction in fees) and in the future, with lightening, will be easy to pay. Only a small percent of GOLD is used for manufacturing and jewelry.
Bernanke in 2008 : "QE is a one time thing and then we'll sell the bonds back into the market" How is he even being taken seriously anymore?
He is only here to defend his master's at the Fed. Ten percent rate of inflation month on month? Fiat dollar system is over. Only a matter of time before the common man figures it out
The Federal Reserve issues securities (Federal Reserve Note) that trade at 98% discount. They are not being taken seriously in terms of their honesty or foresight. They are being taken seriously in terms of their ability to monkey with the system and to explain the monkeys to the rest of us.
For real
He's not. But cretons like this crony still hold power.
How's gold doing? What was the price of gold in 2011, and what is the price of gold now? Pretty much the same, huh? Great investment, yeah....
Fun fact. Bernie Maddoff and Ben Bernake are the same person.
Cars will not become an alternative form of transportation, says retired horse farming tycoon.
Bitcoin will be king
Xrp
It's really sad to hear Underground Economy
And this guy helped put us in the current situation we're in. High debt, no growth, etc. I'd take his word with a grain of salt.
You don't like it because it hurts. And it is all true.
@@darwel007 Helicopter Ben has lost all credibility. He's making noise for his new book. That's it. He's a failure of this country.
@@mayor399999999999999 all that may be true but I see Bitcoin as evil and a scam. But I would probably feel differently if I had gotten in early. Hopefully kidding. What I don't like are the ruined lives of a zero-sum game that does not have any utility. I call your attention to the Black swan guy and his mathematical calculation of zero for Bitcoin.
I actually believe we should publicly ridicule people that market such products. But the list of charlatans would be so big it would make your head spin. All business activities where sellers have much more knowledge than buyers are essentially opportunities to deceive others. I say that as a salesperson who no doubt has found great advantage from that concept.
@@darwel007 Regarding Bitcoin, I say diversify. Buy a little of all asset groups. BTW. I'm a late buyer of Bitcoin myself.
Not up to him. Market will decide.
They said on CNBC that 55% Americans think that FED is Luna park *Andrew said this morning 😉
Why would you ask this guy about bitcoin? It is obviously out of his depth and grasp. Watch and see,
Oh look the ex-central bank chief is pro digital dollar and anti BTC. Shocker…
It already is alt form of payment and more.
Bitcoin is going to be used for illegal activities?? This guy is so far out of touch it’s ridiculous
Tons of money laundering already takes place grow up
@@waldopepper3056 your comment showed you know nothing about how it works
“Normal inflation in the future”. Kind of a muddy term there.
Seems like in 2008, 2020 we pulled out from recession through quantitative easing- we don’t have this option now. Dragged out inflation our best case scenario here?
Ben Bernanke, Douglas Diamond, and Philip Dybvig won the Nobel Prize in Economics today for research on banks and how society deals with financial crises. 💕☮🌎🌌
yeah what a joke. The most undeserving winner in history. He's a corrupt financier who worked for the fed, and the only reason he slanders is because he knows crypto threatens people like him in financial power. He knows it's coming for people like him, and he can't stop it, but he's gonna do his best to hinder it and slow it down. The Nobel society is a complete joke at this point. This guy proliferates off a corrupt system. Slandering this tech is slandering a technology that will bring so much equity and fairness into this world, especially for those in developing countries. That's why places like Africa are adopting it at very high rates, faster than we are here. It's a way of removing the corrupt middlemen from our financial system. To slander crypto, and knowing full well what it is as I'm sure he does, is not only wrong, it's straight up evil. This guy doesn't care about humanity, he cares about protecting the system that has made him wealthier, and the poor poorer. Guys like this don't care how wide the poverty gap becomes.
What has his research on the great depression done for our world? Why would he win the prize for that? Obviously it didn't help, look at the economic crisis we're in. If awards could be given anonymously, Satoshi should be the real winner. His creation is much more advanced, forward thinking than this guys damn research that didn't do anything. Satoshi changed the financial landscape permanently and for the better. It HAS made a huge difference and eventually will transform economics profoundly, and for the rest of time. Not only that, the proliferation of blockchain technology goes beyond finance, it will transform many industries for the better, it will make our world more secure, and more productive. It may well prove to be the most profound creation of all time.
Wisely didn't try to defend fiat as a store of value.
we need to peg the next algorithmic stable coin to the price of celery obviously.
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Did he just say the underlying value of bitcoin is ransomeware?
Yes. 😂🤣
He obviously hasn't paid very close attention to Bitcoin.
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I love these type of titles that eventually get proven wrong and make the person look foolish.
Ofvourse He will have nothing encouraging to say about change that is inevitable.
Stagecoach companies said the same about the model - t ford
Bitcoin is already an alternative form. Lol.
Only an idiot would ask a bankster about the thing designed to destroy Central banks.
These guys don't like something that is an alternative to their corrupt central banking.
Why do Cnbc keep bringing out these failed ex fed chairman and policy advisors, as if they have anything valuable to say now.
The good old days of cheap Fed money are over. Before buying any stock make sure the Price to Earning PE is less than FOUR !?! The 99% of S&P 500 are living on borrowed money and time !
Bet he's buying the dip tho
Screw the damn FED
The irony is that the Great Bernank gave birth to Bitcoin
The irony is BTC is fiat too.... the hilarity is btc proponents can't see that as obvious
@@Vkob Nope
@@michaelc1063 typical bitcoin bro argument. One word, no facts...
@@Vkob whats going to be your excuse when digital gold reaches 100k?
Why would someone want to use a public ledger for illicit activities in the case of Bitcoin. Makes more sense to use cash or other crypto.
Yep.
Nobody knows what will used for money. Some people say Gold is still be used as “money” Other than countries spending millions to ship it,absolutely know one uses it on a daily basis,nor does anyone want to except it, It’s a hassle. This guy obviously has no clue or is not paying attention
Yup. Gold is useful but you can't transact with it in a digital world and basically nobody other than rich people do it. Even if you do it you can't even know if its real or not.
Old people don't get it
Fill cavities is among the many other things
that gold is used for.
The problem with this view is the word replace, when btc was being conceptualized, it was more of a way to bridge currencies, to become a global currency to agilize the speed of transactions of value and avoid the double spending in the current model , the problem with that is the dollar already acts as that global currency. The speculative nature is just a consequence of the organic and rapid adoption , and the obvious price growth it has shown because of that over the years, but make no mistake, the price of btc isnt as important as its purpose (democratize value and exchange). All the narratives against it like the one that puts btc as a tool for crime it's just a falace fabricated to avoid it's final purpose, that could be said about every type of currency or even valuable possesions that can be considered as an asset like diamonds or gold for that matter, cartels and terrorist most likely use dollars or other fiat currencies not bitcoin in most of their operations, if well regulated, bitcoin could help rather than harm the current economic model, and far from taking the dollar supremacy away as many think, it could act as a sort of firewall and or equalizer, as btc would take the most pressure of the dollar as the standard, the dollar could thrive given the us still is the defacto global power, other nations have noticed and have taken advantage of those hits the dollar takes every time the global economy is in shambles. The fed is most likely aware of everything and currently is taking a very necessary risk analysis to see if xrp, being the more "controllable" or centralized of crypto assets, could take that place btc could / should have as the bridge between currencies, a p2p model, where you still have to convert btc to your currency in order for the model to work as not everything can be paid with cryptos as of today. If btc is to become a global reserve or proxy for value and other crypto the currency bridge, is yet to be seen, but the main goal it had on it's inception remains the same, and it's getting to big to control or avoid. The short term outcome and challnges this could bring are neccessary, the way we are governed and we do bussiness is about to change forever wether we like it or not, the next phase in civilization is upon us, and it's a contradictory mix of those that preceed capitalism and socialism that totally disregarded each other, finding a middle ground between the commonwealth and the venetian model where commerce and wealth was intrisically and purposefully binded to the state, taking the best of these two opposing models that came out of the neccesity to counter each others influence, lies something better and most importantly, achievable, we need to go back to move forward in some ways, so to speak. The leader figure has to be totally demistyfied and sistematically limited by its facculties, and thats what btc as a technology could achieve, to level the field by default to a point, that If one nation or their leader choose to be left out because of political or religion/ideology agendas, it could only hurt them, that way they cant directly affect value, or at least the capacity to do so its way more limited. Regardless btc its still on one of its earliest adoption phases, governments can make it easier on themselves accepting and crucially guiding adoption, or face the consequences of betting against it.
This criminal who oversaw the collapse of the Ametican Rcovony in 2008 which was papered over with trillions in artificial inflated money supply with no real economic growth, now dares to give advise.
😂😂😂😂 time will tell who either is right or wrong
Cash is a good mean of exchange to purchase illicit and underground stuff. There is no record or paper trail.
Im not sure this guy knows what bitcoin is
In retrospect QE has essentially become a defacto monetization of government debt - the size of the Feds balance sheet keeps on ratcheting higher every time there is an economic or financial crisis. Of course our policy makers will never honestly admit that this is what has happened. Neither will they admit that there is any connection between extensive QE and the inflation we are experiencing now. Their credibility is eroding to say the least.
First, they will ignore you, then they will laugh at you, then they will fight you and then you win
if you are trying to be kind to Bernanke you would just call him a liar
Literally screw the FED all they do is PRINT PRINT PRINT. HUSH. Long Bitcoin!!!
Strong meaning ppl still spending money on none since
He hates btc because it replaces him
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It already is
He must be thinking....my god ...I am the greatest liar in earth....lol
Bitcoin reminds me of the pet rock.
He is really that misinformed about bitcoin.
No, the economy is NOT strong Ben.
can we get a body language expert to respond to this?
Just add a couple more zeros in the computer Mr. Bernanke.
news for this guy it already has for been for years I use it as money daily
funny. Wasn't every currency an speculative asset at one point? LOL
it already is...
He has no idea
Illegal or illicit 🤣🤣🤣. All old generation have same thoughts. It is a store of value and a good one
This is like asking animal rights activists their favorite butcher shop.
This guy is wrong about bitcoin…
There are two sides to every coin...
it wont if the former fed economy crasher has a say in it
Tulips
He must own Bitcoin. Unfortunately, it has no intrinsic value, nor performs any function that wouldn’t occur in its absence.
A guy who let the people take out mortgage on dog name and introduced subprime mortgages would not tell the truth never. Take opposite of what he said. 😉
It wasn't Bernankes' fault.
Bush and Wall Street caused that crisis.
Is gold money?
No.
Okay.
Gold lasts fiat money does not.
Bitcoin? Even toilet paper will likely become alternate money..