Former Biden Council of Economic Advisors Chair Jared Bernstein called crypto an asset with “almost zero legal use cases” that’s “pretty good for scammers,” arguing even Donald Trump’s pro-crypto stance can’t stop Bitcoin’s (CRYPTO: BTC) 40% decline.
The ‘Almost Zero Legal Use Cases’ Argument
Bernstein argued the “early stage excuse is probably past its sell-by date” for crypto’s volatility.
He claimed the asset hid behind complaints about regulatory regimes that diminished its value until the Trump administration embraced the industry.
“The crypto bros pretty much purchased the best Congress and president they could ask for,” Bernstein said. “The sheen really came off the rose, and its value proposition went pretty negative pretty quickly.”
He emphasized the regulatory shift didn’t help prices. Once Trump took office and completely embraced the industry, …