Ben Bernandke, the former Fed chairman, on Bitcoin

Ben Bernandke, a former head of the Federal Reserve, has recently opined on the Bitcoin. He views it as a tool of illicit activity, mainly. I am not sure that is accurate, or known, or knowable. Even if it is accurate I am not sure it is relevant - it's not like criminals would not use any form of payment they can get, it is not like they are not innovative or quick to adapt to using whatever works. Plus, Mr Bernandke and I may not have the same definition of what constitutes an illicit, or illegal, activity.

But what is notable is that he acknowledges that Bitcoin has materialized into a powerful investment opportunity. That is clearly true - so true, at this point one has no choice but to acknowledge that.