SEC Chairman Gary Gensler shared his views on the role of Bitcoin and other cryptocurrencies as payment methods at an event at New York University.

Gensler's Speech at New York University

At the New York University School of Law event, Gary Gensler expressed his views on the future of cryptocurrencies as payment means. He noted that it is unlikely Bitcoin or other cryptocurrencies would become widely used as a means of payment.

Cryptocurrencies as a Store of Value

Gensler emphasized that cryptocurrencies will more likely be seen as a store of value rather than a medium of exchange. According to him, cryptocurrencies lack the necessary network effects that make a currency a specialized unit of account.

Criticism of the Crypto Industry

Gensler also stated that countries generally prefer to use a single currency for payments and highlighted the numerous fraud cases in the crypto industry.

In conclusion, it was discussed that the public will have to decide for themselves whether there is a benefit in investing in specific cryptocurrencies based on disclosed information. Gensler also emphasized the importance of transparency for investors.