{"id":4511,"date":"2024-12-20T02:06:30","date_gmt":"2024-12-20T02:06:30","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=4511"},"modified":"2024-12-20T02:06:30","modified_gmt":"2024-12-20T02:06:30","slug":"fed-cant-hold-bitcoin-no-plans-yet-to-change-law-powell-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=4511","title":{"rendered":"Fed Can\u2019t Hold Bitcoin, No Plans Yet To Change Law, Powell Says"},"content":{"rendered":"
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Jerome Powell, chair of the US Federal Reserve, recently dismissed speculations that the Fed may add Bitcoin to its reserves. At the end of the its two-day meeting, Powell stated that the Fed isn\u2019t allowed to own Bitcoin<\/a> and doesn\u2019t desire to get involved in any government initiative to create a stockpile of digital assets.\u00a0<\/p>\n

The Bitcoin announcement comes after the Fed announced rate cuts while signaling uncertain monetary policies in the next few months. Powell\u2019s announcement was surprising when President Donald Trump announced key appointments of crypto-friendly personalities. The market immediately reacted to Powell\u2019s statement,<\/a> sending Bitcoin\u2019s price down by 5.7%. Other top altcoins like XRP also shed value.<\/p>\n

Powell Thumbs Down Plans To Add BTC To Reserves<\/strong><\/h2>\n

The debates on whether it\u2019s time to create a stockpile of Bitcoin gained traction after Donald Trump secured a win and another presidency. Trump used Bitcoin and crypto as part of his campaign to attract support from crypto personalities and commentators. And by appointing key crypto-friendly personalities to top government positions and promising to revamp the SEC leadership, many expect to predict a Bitcoin stockpile soon.<\/p>\n

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Powell says Fed cannot hold Bitcoin, not seeking to change that https:\/\/t.co\/72RQGK1Q6K<\/a><\/p>\n

\u2014 ST Business Desk (@stbusinessdesk) December 18, 2024<\/a><\/p>\n<\/blockquote>\n

However, Powell has categorically stated that the US banking system cannot hold Bitcoin. He argued that according to the Federal Reserve<\/a> Act, there are rules on what banks can own, and Bitcoin is not included in the list. <\/p>\n

He announced that they\u2019re not looking to change the law soon, and it\u2019s up to Congress to decide.\u00a0<\/p>\n

Interest In Bitcoin Strategic Reserve Continues To Grow<\/strong><\/h2>\n

Despite the Fed chair\u2019s opinion on Bitcoin as a reserve asset, there has been growing attention on Bitcoin as a potential reserve asset. During the elections, Trump supported the proposal and even suggested that the US should become the center for crypto developments. Other pro-Bitcoin policymakers, like Wyoming Senator Cynthia Lummis, have been campaigning for Bitcoin to be considered a reserve.\u00a0`<\/p>\n

<\/p>\n

Early this year, Lummis filed a bill asking the US Treasury to buy and add Bitcoin to the reserve. Under the Lummis bill, the US Treasury will adopt a program to buy 20,000 BTC annually for five years until the reserve holds 1 million tokens.<\/p>\n

\"\"<\/p>\n

Bitcoin\u2019s Price Drops After Powell Statement<\/strong><\/p>\n

The market reacted negatively to Powell\u2019s statement, with Bitcoin\u2019s price<\/a> dropping to $100,300, down by roughly 5.7% compared to the previous day\u2019s close. As of press time, Bitcoin\u2019s 24-hour trading value is between $98,839 and $105,306.<\/p>\n

Other top cryptos followed Bitcoin\u2019s lead, with Ethereum dropping by 6.8%, Solana by 8.1%, and Binance Coin shedding 4.6% in value. Dogecoin was the worst performer among the top altcoins, dropping to $0.348, or an 11% loss. Also, the stock market tumbled after the Fed official\u2019s statement. The Nasdaq 100 dipped by 2%, and S&P ended the trading day with a 1.55% loss.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Jerome Powell, chair of the US Federal Reserve, recently dismissed speculations that the Fed may add Bitcoin to its reserves. At the end of the its two-day meeting, Powell stated that the Fed isn\u2019t allowed to own Bitcoin and doesn\u2019t desire to get involved in any government initiative to create a stockpile of digital assets.\u00a0 […]<\/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-4511","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\/4511","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=4511"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4511\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}