Fmr. Fed Chairman Bernanke Embarrasses Himself Talking About Bitcoin

The Federal Reserve is no fan of bitcoin or digital assets. 

The current regime in charge of the Federal Reserve has expressed concerns over Bitcoin's "threat" to the U.S. Dollar and the risks it poses to investors. 

Funny how these financial insiders can label it a threat to the U.S. Dollar and in the next interview dismiss it as useless or a speculative asset... Which is it, guys? 

But it gets worse. 

Ben Bernanke, the former Chairman of the Fed, recently revealed he has no idea what Bitcoin means for the economy or how it's used and he even falls for the complete MYTH that BTC is only used for crime...

You can click here to read the facts on Bitcoin and crime. 

Less than 1% of Bitcoin's activity is used for criminal activity... less than U.S. Dollar. 

Bernanke makes several false statements in his interview. You can watch this train wreck below:

Here are the two big things Bernanke gets wrong: 

"Bitcoin was intended to be a substitute for fiat money. And I think in that respect they have not succeeded. If Bitcoin were a substitute you could go buy groceries with it."

Wrong. 

You can indeed use Bitcoin to pay for groceries, buy things at Walmart, eat at Buffalo Wild Wings, Starbucks, etc. Jack Mallers, CEO of Strike, recently announced an integration with Shopify and other major Point-of-Sales systems, that allows users of his app to use their Bitcoin to pay for services with instant settlement... Something credit cards can't even do. 

You can read about this integration here and watch Jack Mallers make his announcement here. 

Next, Bernanke says:

"The main use of Bitcoin is for underground economy activities."

Wrong. 

Whenever you hear someone say, "Bitcoin is only for criminals", you've encountered someone with a fundamental misunderstanding of Bitcoin. 

Bitcoin uses the public ledger, called the Bitcoin blockchain network, to record all transactions ever conducted on the network. This means any criminal using Bitcoin is forced to leave a paper trail of their financial movements... Not a great idea if you're a criminal. 

Most criminals are simply not sophisticated enough to use cryptocurrency effectively. 

Again, less than 1% of Bitcoin's activity can be linked to criminal activity (source). 

Anthony Pompliano makes a great point in his video - Ben Bernanke most likely has a greater understanding of Bitcoin than he lets on.

Central bankers do not want fiat monetary systems to have an unstoppable decentralized form of Sound Money competing with their hegemony. 

Christians ought to be wary of central bankers and the Federal Reserve. Unlimited money-printing, behind-the-scenes bailouts, and operating in total secrecy are not principles of money we find in Scripture. 

Transparency, proper weights & measurements, and real value? These are components of the Biblical principles of money. 

Time to audit and end the Fed.