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Former FDIC Chair Sheila Bair Sees No Value in Bitcoin or Dollar

Published 2020 years ago by Darryn Pollock

Former FDIC Chair Sheila Bair Sees No Value in Bitcoin or Dollar

U.Today via u.today

Sheila Bair, a former FDIC chair, has come out with a measured view of Bitcoin stating that there is no reason to outlaw the digital currency, and the argument that it has no value is a flawed one. Regulators have given Bitcoin a hard time for varying reasons, and the hype and supposed lack of value is one of the arguments. However, Bair still wants regulation but says value is a poor argument.

Bair, who led the Federal Deposit Insurance Corp from 2006 until 20011, and previously served on the Commodity Futures Trading Commission, is well placed to give fair comment on Bitcoin in the modern era. “I don’t think we should ban it- the green bills in your pocket don’t have an intrinsic value, either. The value is based on what others think is its value.

That’s true of any currency,” Bair said. As a former regulator, Bair is looking for some regulation thought of the digital currency in order to make sure it is not being used for nefarious reasons. Part of this legitimizing will also help Bitcoin become more stable and reliable, because, according to Biar, Bitcoin is not going to be the next crisis-causing market. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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