04 Dec '13, 11pm

Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency. “It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington . “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” Bitcoins, which exist as software and aren’t regulated by any country or banking authority, surged to a record $1,124.76 on Nov. 30. The currency has rallied on growing interest from investors, while merchants are starting to accept Bitcoins and U.S. officials have told lawmakers such payments could be a legitimate means of exchange. “I do not understand where the backing of Bitcoin is coming from,” the former Fed chief said. “There is n...

Full article: http://www.bloomberg.com/news/2013-12-04/greenspan-says-b...

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