BERNANKE: Bitcoin 'May Hold Long-Term Promise'

[Wilikon]

http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11

The beautiful thing about Bitcoin, digital currency enthusiasts will tell you, is that it doesn't have a central bank.
So with eyes on today's Bitcoin Senate hearing, where does the world's most powerful central banker stand on the elusive cryptocurrency?

Now we know. Ahead of the meeting, U.S. Federal Reserve Chairman Ben Bernanke has released a letter to help guide the senate. Quartz's Zachary Seward called it a "cautious blessing," with Bernanke acknowledging the Fed doesn't have the authority to supervise virtual currencies, but that they "may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”

Here's Bernanke's full letter (via Quartz):

https://www.documentcloud.org/documents/835843-virtual-currency-hearings.html

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[wopwop]

FED EXIT?

[pera]

Misleading title, please read the document (page 10):

For example, in 1995, the U.S. House of Representatives held hearings on "the future of money" at which early versions of virtual currencies and other innovations were discussed. Vice Chairman Alan Blinder’s testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.

So he only quoted someone else who said something about virtual currencies in 1995.

btw this document is dated September 6, 2013.