BERNANKE: Bitcoin ‘May Hold Long-Term Promise’

Business Insider

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.”

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