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Cryptocurrencies have no value: Bernanke

Cryptocurrencies such as Bitcoin, have plummeted in value over the year.

Stockholm, Sweden | Xinhua | Cryptocurrencies have no value whatsoever and thus cannot shake the financial system, Ben Bernanke, winner of this year’s Nobel Prize in economics, was quoted by the Swedish Daily Dagens Nyheter (DN) as saying on Wednesday.

Dismissing the crash for cryptocurrencies, Bernanke said that “I believe that so far cryptocurrencies have not been shown to have any economic value at all.”

Cryptocurrencies, such as Bitcoin, have plummeted in value over the year. They are not a threat to the financial system because no bank, as far as he knows, is sitting on large assets in cryptocurrencies, he said.

On Oct. 10, the Royal Swedish Academy of Sciences awarded the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”

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