Alan Greenspan says “Human beings buy all sorts of things that aren’t worth anything”. That’s not all he said…
Alan Greenspan, former Chairman of the Federal Reserve and chief blower of the housing bubble post dotcom bubble, has just broke his silence on Bitcoin.
It’s not good for any Bitcoin bull:
Former Federal Reserve Chairman Alan Greenspan told CNBC on Wednesday that bitcoin reminds him of currency issued during America’s Colonial past that ultimately proved worthless.
Greenspan compared the high-flying cryptocurrency to 1775 Continental currency that was worthless by 1782. In the in-between years, however, the money allowed patriots like George Washington to buy armaments and other supplies.
Continental money was so-called fiat currency. Declared legal tender by the Continental Congress, it derived its value from the amount of paper notes available and the demand for them rather than by the backing of a commodity such as gold or silver.
But for those Bitcoin fans confused about money, or simply unaware, Greenspan has made an about-face on gold and silver since leaving the Fed, and he’s gone back to understanding sound money.
Many say this is a way for Greenspan, with one foot in the grave, trying to make up for the damage he’s done.
In the talk below, Alan is not just taking gold but also silver.
Here’s some pure truth from somebody who knows what honest money and real currency are just about better than anybody:
– Half Dollar