Fed Mayor Jerome Powell Compares Bitcoin to Gold
Federal Reserve Chairman Jerome Powell said he can imagine a return to an era where several currencies are in use in the United States.
Under Powell's testimony before the Senate Banking Committee on Facebook's scheduled Libra Cryptocurrency, he said: "The size of Facebook's network means that it can basically be systematically important at first."
Although the initiative claimed "many serious concerns," including privacy, money laundering, consumer protection, and financial stability, he began to talk favorably about other cryptocurrencies.
"Almost no one uses bitcoin for payments, they use it more as an alternative to gold," he said Thursday afternoon. "It's a speculative store of value."
Powell has previously stated that the United States should not return to the gold standard. Someone took the claim as referring to a call to "release gold, buy bitcoin."
. The Fed Mayor says Bitcoin is a store of value and will never return to the gold standard ̵[ads1]1; he literally says DROPGOLD – he should be in the next DROPGOLD campaign commercial pic.twitter.com/U3Bt7RN4O6 [19659002] – Simon (@ Simon23105395) July 11, 2019
How far have we come. Federal Reserve chairman just compared bitcoin with gold
People, it happens: http://t.co/onVmTj4hUk
– Barry Silbert (@barrysilbert) July 11, 2019
Enlightenment: Silbert is CoinDesk leader owns DCG.
Picture via Shutterstock.
