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Federal Reserve Chairman: Bitcoin is an alternative to gold, not the dollar


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Federal Reserve Chairman: Bitcoin is an alternative to gold, not the dollar

Federal Reserve Chairman: Bitcoin is an alternative to gold, not the dollar

 March 22, 2021 6:19 PM
Mubasher: Federal Reserve Chairman Jerome Powell said that Bitcoin is an alternative to gold, not the dollar, indicating that it lacks the main components that make it a useful currency.

"Crypto assets are highly volatile, therefore they are not really useful as a store of value, they are speculative assets, " the Fed chief added during a hypothetical conference of the Bank for International Settlements .

"Bitcoin is basically an alternative to gold, not the dollar," Powell said.

The Fed Chairman explained that stable currencies are a better development compared to crypto assets, because their credibility comes from supporting them with a sovereign currency .

"Stable coins may have a role to play with appropriate regulation," Powell said, "but this role will not be in forming the basis for a new global monetary system . "

The president of the federation emphasized that the central bank is in no hurry to issue its own digital currency.

 
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