Fed Chair Powell: Bitcoin Is 'Like Gold, It's Just Virtual And Digital'
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 ...
finance.yahoo.com
At the DealBook Summit, Fed Chair Jerome Powell shrugged off Bitcoin as “just virtual and digital”—more like gold than a real cash contender. He called it a speculative toy, too wild to use for payments or as a stable store of value, and stressed it doesn’t undermine the Fed or the dollar. Crypto shouldn’t shake the banking system, he said, regulation isn’t the Fed’s gig, and by the way, he’s personally not allowed to own Bitcoin.
Powell also gave props to the U.S. economy, calling it in “remarkably good shape” with around 2.5% growth, inflation cooling from over 7% to about 2.3%, and unemployment holding steady. That healthy backdrop, he argued, gives the Fed room to tiptoe toward a neutral rate without blowing up inflation wins or labor-market gains.
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