{"id":3771,"date":"2024-12-05T12:02:01","date_gmt":"2024-12-05T12:02:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3771"},"modified":"2024-12-05T12:02:01","modified_gmt":"2024-12-05T12:02:01","slug":"bitcoin-endorsed-by-us-fed-chair-powell-and-russias-putin-in-historic-shift","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3771","title":{"rendered":"Bitcoin Endorsed By US Fed Chair Powell And Russia\u2019s Putin In Historic Shift"},"content":{"rendered":"
\n

In an unprecedented turn of events, Bitcoin received endorsements from two of the world\u2019s most influential leaders yesterday. US Federal Reserve Chair Jerome Powell and Russian President Vladimir Putin independently acknowledged the cryptocurrency\u2019s growing significance during separate events on December 4, 2024. Their remarks signal a potential paradigm shift in the global financial landscape, as Bitcoin continues to gain mainstream acceptance.<\/p>\n

Jerome Powell Compares Bitcoin To Gold<\/h2>\n

During the New York Times DealBook Summit, Jerome Powell engaged in a\u00a0 conversation with Andrew Sorkin about the role of cryptocurrencies in the banking system. When questioned about Bitcoin\u2019s rising prominence and talks in Washington about creating a strategic BTC reserve<\/a>, Powell outlined the Federal Reserve\u2019s perspective.<\/p>\n

\u201cFrom the jobs that we have, what\u2019s relevant is really two things,\u201d Powell said. \u201cOne is just, you know, what role should crypto assets be allowed to play in the banking system. We try to keep the banking system safe and sound. We regulate and supervise banks, and we would want the interaction between the crypto business and the banks to not threaten the health and wellbeing of the banks.\u201d<\/p>\n

Powell added that the other task of the US Federal Reserve is consumer protection. \u201cWe would want the public to know crypto products and things like that. There\u2019s sort of a consumer protection aspect of it. They need to understand exactly what it is. But we don\u2019t regulate it directly and we don\u2019t have that big of a role.\u201d<\/p>\n

When asked if he would ever own Bitcoin himself, Powell succinctly replied, \u201cI\u2019m not allowed to.\u201d<\/p>\n

Sorkin then suggested that BTC might symbolize people\u2019s faith\u2014or lack thereof\u2014in the US dollar or the Federal Reserve. Powell responded by likening Bitcoin to a traditional store of value:<\/a> \u201cI don\u2019t think that\u2019s how people think about it. I mean, people use Bitcoin as a speculative asset, right? It\u2019s like gold. It\u2019s just like gold, only it\u2019s virtual. It\u2019s digital. People are not using it as a form of payment or as a store of value. It\u2019s highly volatile. It\u2019s not a competitor for the dollar. It\u2019s really a competitor for gold. You know, that\u2019s really how I think of it.\u201d<\/p>\n

Vladimir Putin Highlights Bitcoin\u2019s Resilience<\/h2>\n

On the same day, President Vladimir Putin spoke at the Russia Calling forum, where he discussed the diminishing dominance of the US dollar and the rise of alternative financial instruments. Putin emphasized the inevitability of new technologies like BTC in reshaping the global economy.<\/p>\n

\u201cThe use of the dollar as a world currency gives the US a lot of money,\u201d Putin stated. \u201cThanks to the dollar, the US continues to exploit other economies of the world for their benefit. One thing is to prohibit the use of dollars and the other thing is not to use it. That is why we see (economic) processes with the use of other instruments.\u201d<\/p>\n

He pointedly added, \u201cFor instance, who can ban<\/a> Bitcoin? Nobody. And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies. And no matter what happens to the dollar, these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.\u201d<\/p>\n

Putin also commented on the global shift away from the dollar: \u201cEven the countries that are allies of the US reduced their currency reserves in dollars and in euros.\u201d<\/p>\n

\n

Today\u2026<\/p>\n

Jerome Powell: \u201cIt\u2019s just like gold only it\u2019s virtual. It\u2019s digital. People are not using it as a form of payment or as a store of value. It\u2019s highly volatile. It\u2019s not a competitor for the dollar. It\u2019s a competitor for gold.\u201d<\/p>\n

Vladimir Putin: \u201cFor example, Bitcoin, who\u2026 pic.twitter.com\/kWenz2kMJB<\/a><\/p>\n

\u2014 Sam Callahan (@samcallah) December 4, 2024<\/a><\/p>\n<\/blockquote>\n

Reactions From Community<\/p>\n

The endorsements from Powell and Putin sparked immediate reactions from prominent figures in the cryptocurrency space. Vijay Boyapati, a former Google engineer and author known for his book The Bullish Case for Bitcoin, took to X to express<\/a> his thoughts: \u201cJerome Powell calling Bitcoin digital gold is the biggest endorsement of Bitcoin yet, if you understand where financial power lies. Bigger than Fink or even Trump.\u201d<\/p>\n

David Bailey, CEO of BTC Inc and advisor to former President Trump\u2019s team\u2014who was instrumental in turning Trump pro-Bitcoin \u2014also weighed in<\/a> via X: \u201cThe Bitcoin Space Race is here. [\u2026] It couldn\u2019t be more clear what\u2019s happening. It must be a national priority to stand up the Strategic Bitcoin Reserve in the first 100 days of the Trump admin. We need an aggressive plan to grow USA\u2019s proportional ownership of the Bitcoin supply.\u201d<\/p>\n

At press time, BTC traded at $102,335.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In an unprecedented turn of events, Bitcoin received endorsements from two of the world\u2019s most influential leaders yesterday. US Federal Reserve Chair Jerome Powell and Russian President Vladimir Putin independently acknowledged the cryptocurrency\u2019s growing significance during separate events on December 4, 2024. Their remarks signal a potential paradigm shift in the global financial landscape, as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3771","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3771"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3771\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}