Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

“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.”
I suppose Greenspan should know all about bubbles, since he created them when he chaired the FED.  And is he truly oblivious to the lack of value behind a fiat currency?


Jim Davies's picture

The intrinsic value in fiat money is the pleasure of being outside a government cage - which is where one would be, were its legal-tender law to be violated.
Reminds me of a line in the movie "A Perfect Murder." Michael Douglas, who wants his wife dead, asks what he will get in exchange for a box full of C-notes. The blackmailer replies something like "You're looking at it, pal: time outside prison. You can't beat it with a stick."

Emmett Harris's picture

True.  :)