Former Federal Reserve Chairman Alan Greenspan is the latest high profile financer to give his take on the controversial currency. In an exclusive interview on FOX Business Network’s “Mornings With Maria,” Greenspan said “Bitcoin is what used to be called fiat money.” He then compared Bitcoin to the currency issued by the Continental Congress after the American Revolution began.
“I would use the analogy of Continental currency. Continental currency in 1775 was issued with no backing and it sold at par in the marketplace for quite a while until they started to build up more and more printing of continentals.”
According to Greenspan, the perception of the cryptocurrency is not necessarily matching the reality, saying, “Human nature is such that if you get something such as Bitcoin, you think there is some value there whether there is or there isn’t. But that’s the same thing as a Continental, greenbacks in the Civil War, all of these currencies which didn’t have any backing.”
- Source, Fox Business
