Fed Chairman Jerome Powell Compares Bitcoin to Gold

Fed Chairman Jerome Powell Compares Bitcoin to Gold

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Federal Reserve Chairman Jerome Powell stated he can envision a return to an period the place a number of currencies are in use in the USA.

Throughout Powell’s testimony earlier than the Senate Banking Committee on Fb’s deliberate Libra cryptocurrency, he stated: “The dimensions of Fb’s community means it might be, basically, instantly systemically essential.”

Although the initiative raised “quite a lot of critical issues,” together with privateness, cash laundering, shopper safety, and monetary stability, he started to talk favorably about different cryptocurrencies.

“Nearly nobody makes use of bitcoin for funds, they use it extra as an alternative choice to gold,” he stated Thursday afternoon. “It’s a speculative retailer of worth.”

Powell has acknowledged prior to now that the USA mustn’t return to the gold commonplace. Some took the assertion as referring to a name to “drop gold, purchase bitcoin.”

Disclosure: Silbert is the pinnacle of CoinDesk proprietor DCG.

Picture through Shutterstock.

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