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Bitcoin ‘Going Through the Roof’ Unlike Assets Controlled by Government, Says Former Fed Governor

Bitcoin Going Through the Roof Unlike Assets Controlled by Government, Says Former Fed Governor

Former Federal Reserve Governor Kevin Warsh is bullish on bitcoin. He sees all assets that are not controlled by the U.S. government “going through the roof,” unlike those the Fed purports to control. He has outlined three reasons why bitcoin makes sense to him.

Why Former Fed Governor Is Bullish on Bitcoin

Kevin Warsh was a Federal Reserve governor during and in the aftermath of the 2008 financial crisis. He also served as the Fed’s representative to the G20. Warsh was asked about his view on bitcoin during an interview with CNBC’s Squawk Box on Wednesday.

He began by observing that “Every asset price that the U.S. government doesn’t control” and “the Federal Reserve doesn’t control” is skyrocketing. He mentioned bitcoin, which he said “is in some sense the anti-government price,” and gold, which he described as “the barbarous relic that has been around for 5,000 years.” The former Fed governor exclaimed:

Those things are all going through the roof, whereas those assets which the Federal Reserve purports to control and has controlled for the better part of a decade — those look repressed.

“It’s that distinction which I think the Chinese are pitching to the world’s investors that are saying look something is happening and the treasury market is not reacting,” Warsh continued.

The former Fed governor proceeded to explain why he thinks bitcoin “does make some sense” to him. “The dollar is weakening,” he began, adding that “I’d look for the dollar to continue to weaken against a large basket of currencies.” Warsh elaborated, “That’s because of an incredibly aggressive Federal Reserve, which rightly or wrongly, I think we will be more aggressive than the world’s other central banks.”

Warsh further pointed out that there are new fiscal policies that were not considered a decade ago. “We now have this idea that as long as you can cover your interest expense the U.S. government has nothing to worry about,” he stressed. “It’s a rather radical shift in monetary and fiscal policy and to be candid it’s a bipartisan shift. I hear plenty of Democrats and Republicans singing the same tune which is the Fed can just monetize this debt and make it go away.”

Noting that “Bitcoin does make sense as part of a portfolio in this environment,” Warsh suggested that some investors are moving from gold to bitcoin. He opined:

If bitcoin never existed, gold would be rallying even more right now. But I guess if you are under 40, bitcoin is your new gold.

Do you agree with former Fed Governor Kevin Warsh? Let us know in the comments section below.



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