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Fed Chairman Powell Says Bitcoin Is a Substitute for Gold

Published 03/23/2021, 08:41 AM
Updated 03/23/2021, 09:00 AM
Fed Chairman Powell Says Bitcoin Is a Substitute for Gold

  • Federal Reserve Chairman Jerome Powell finds cryptocurrency a replacement for gold rather than for the dollar.
  • Analyst Ben Lilly has also reported key events that might set Bitcoin’s price forecast for the coming days.

Federal Reserve Chairman Jerome Powell sees cryptocurrency as a replacement for gold rather than the dollar. However, he warned that crypto assets, including Bitcoin, are highly volatile.

Meanwhile, in a webinar held by the Bank of International Settlements (BIS) on Monday, Powell talked about cryptocurrency. Specifically, in the discussion, he emphasized on Bitcoin. He felt that digital assets like Bitcoin are highly volatile. Hence, claiming that they are not useful as a store of value.

On this note, he went on and said that crypto assets are not even backed by anything. They .....This article first published on coinquora.com

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Latest comments

Haha - this guy is no longer the guy to listen to.  Gold has been there, will be there when our kids grow up.
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