Speaking in the DealBook Summit presented by The New York Times, Jerome Powellthe president of the United States Federal Reserve, highlighted once again that bitcoin
btc
$102,875.85
should be seen as a competitor to gold and not a rival to the US dollar.
This perspective is not new to Powell, who previously shared similar thoughts during a 2021 event hosted by the Bank for International Settlements.
At the time, Bitcoin was priced at $58,200 and Powell had warned that cryptocurrencies like Bitcoin were speculative assets with no inherent backing. Despite criticism, Bitcoin Market performance has seen it increase by 70%.outpacing gold’s 52% growth.
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Powell too dismissed the idea that Bitcoin represents a lack of trust in the US dollar or the Federal Reserve. When asked by New York Times reporter Andrew Ross Sorkin if Powell himself owned bitcoinHe responded: “I don’t have permission.”
However, Powell made it clear that he has There are no objections to crypto companies collaborating with banks.as long as they do not endanger the stability or health of financial entities. Consumer protection remains a central issue, although Powell noted that this is outside the direct purview of the Federal Reserve.
While Bitcoin’s position in the financial landscape remains a topic of debate, its potential continues to captivate experts. Recently, Dan Morehead shared his thoughts on the rise and future trajectory of Bitcoin. What is Morehead’s perspective on Bitcoin? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
With almost a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that cryptocurrency enthusiasts face. He is a passionate analyst who cares about data- and fact-based content, as well as that which speaks to both Web3 natives and newcomers to the industry.
Aaron is the go-to person for all things digital currencies. With a strong passion for blockchain and Web3 education, Aaron strives to transform the space as we know it and make it more accessible to beginners.
Aaron has been quoted by several established media outlets and is a published author himself. Even during his free time, he likes to research market trends and look for the next supernova.
