Alan Greenspan, the 13th chairman of the Federal Reserve and one of the longest-serving central bankers in U.S. history, died at age 100, the Federal Reserve announced Monday. Greenspan led the Board of Governors from 1987 to 2006, overseeing monetary policy during major events including the 1987 stock market crash, the 1990s economic expansion, the Asian financial crisis, and the dot-com bust. The Federal Reserve stated that his contributions to monetary policy and economic thought left a lasting mark on the institution, the broader field of economics, and the country. His 18-year tenure spanned four presidential administrations and helped shape the central bank's approach to price stability and institutional credibility.
Federal Reserve Credits Greenspan's 18-Year Policy Legacy
The Federal Reserve said Greenspan's influence helped shape the institution's approach to monetary policy long after his departure from office in 2006. The central bank credited his emphasis on rigorous analysis and disciplined policymaking with helping strengthen public confidence in the Federal Reserve.
The Federal Reserve stated: "Chairman Greenspan served as the 13th Chairman of the Board of Governors from 1987 to 2006, and his contributions to monetary policy and economic thought left a lasting mark on this institution, on the broader field of economics, and on the country."
Across four presidential administrations, Greenspan oversaw a period of relatively stable inflation and economic growth. Greenspan remained an active commentator on financial markets following his departure from the Federal Reserve.
Greenspan Expressed Bitcoin Skepticism in 2017 and 2023 Remarks
Greenspan was notably skeptical of bitcoin and other digital assets. In 2017, he compared bitcoin to the Continental currency issued during the American Revolution, noting that the currency ultimately became worthless and suggesting that bitcoin faced similar questions about intrinsic value. He questioned bitcoin's intrinsic value in public remarks during its early rise and described it as a speculative asset whose long-term worth was difficult to determine.
Following the collapse of FTX in 2023, Greenspan remarked: "The collapse of FTX was not a result of lax risk management, inadequate accounting procedures, or some feature inherent to crypto---it was purely fraud." He further observed: "With respect to the wider crypto universe, I view the asset class as too dependent on the 'greater fool theory' to be a desirable investment."
Kevin Warsh Assumed Fed Chairmanship on May 22
More than two decades after Greenspan left office, the Federal Reserve is now led by a different generation of policymakers. Kevin Warsh assumed the chairmanship on May 22. Warsh has described bitcoin as an important asset for policymakers to understand, arguing that digital assets can provide useful signals about confidence in fiat currencies and the broader financial system. His term as Fed chair runs through May 21, 2030, while his appointment as a member of the Board of Governors extends through Jan. 31, 2040.
The Federal Reserve added on June 22: "Chairman Greenspan's legacy endures at the Federal Reserve---in those he mentored directly, in the economists and public servants he inspired, and in the frameworks and practices he helped shape."
Frequently Asked Questions
What did Alan Greenspan do as Federal Reserve chairman?
Alan Greenspan served as the 13th chairman of the Federal Reserve from 1987 to 2006, overseeing monetary policy during major events including the 1987 stock market crash, the 1990s economic expansion, the Asian financial crisis, and the dot-com bust. The Federal Reserve credited his emphasis on rigorous analysis and disciplined policymaking with helping strengthen public confidence in the central bank.
What were Alan Greenspan's views on bitcoin?
Greenspan expressed skepticism toward bitcoin in public remarks. In 2017, he compared bitcoin to the Continental currency issued during the American Revolution and questioned its intrinsic value. Following the collapse of FTX in 2023, he stated that he viewed the crypto asset class as "too dependent on the 'greater fool theory' to be a desirable investment."
Who is the current Federal Reserve chairman?
Kevin Warsh assumed the Federal Reserve chairmanship on May 22. His term as Fed chair runs through May 21, 2030, while his appointment as a member of the Board of Governors extends through Jan. 31, 2040. Warsh has described bitcoin as an important asset for policymakers to understand.
