Fed Chair Powell: Bitcoin Is ‘Like Gold, It’s Just Virtual And Digital’
Posted On December 4, 2024
Federal Reserve Chair Jerome Powell addressed the perception of Bitcoin (CRYPTO: BTC) at the DealBook Summit on Wednesday, asserting that the cryptocurrency is more akin to gold than the U.S. dollar.
“People use Bitcoin as a speculative asset. It’s like gold—it’s just virtual and digital,” Powell said during the discussion.
Powell dispelled notions that Bitcoin undermines the Federal Reserve or the strength of the U.S. dollar and highlighted that Bitcoin is not being used as a primary form of payment or as a reliable store of value due to its high volatility.
“It’s …
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