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Crypto more of an asset for speculation, says Fed chairman

Crypto more of an asset for speculation, says Fed chairman

Federal Reserve chair Jerome Powell said Monday that he sees Bitcoin and other cryptocurrencies more as a replacement to gold than the dollar. ’Crypto assets are highly volatile—see Bitcoin—and therefore not very useful as a store of value, and they’re not backed by anything,’ Powell said. He added that the Fed is researching the potential for a central bank digital currency.

Fareem
Fareem
Rodrigo Teresa
Rodrigo Teresa 4 weeks

chair of the Fed criticizing BTC not being backed by anything lmao what a Clown

Nosotros La Gente
Nosotros La Gente 4 weeks

Fiat money isn't even an asset. It's a perpetually devaluing means of exchange, and it's on its deathbed.

d3m0n0gr4ph1c
d3m0n0gr4ph1c 4 weeks

Aw bitcoins aren't backed by anything I guess. All that solid cryptography and future-proof infrastructure is actually worthless, didn't you know?

Rocky
Rocky 3 weeks

He's a snake, but he is also correct. Bitcoin is shaping up to be far more like a commodity than a currency. Albeit a chinese product that is touted as a commodity. I miss when Bitcoin was actually decentralized in both the blockchain and in it's supply. Unfortunately asic miners killed that and allowed for centralized control of the supply and therefore the value. Never should have let China get in control of the majority of mining nodes either. Big mistakes were made with Bitcoin.

joe
joe 4 weeks

As your friendly neighborhood Econ major this is basically like blockbuster calling Netflix irrelivent because they don’t have as robust of a VCR selection.

Viviko
Viviko 4 weeks

Meanwhile the dollar isn’t even an “asset” by any definition.

Tamira
Tamira 4 weeks

This means they see it as a threat. Good signal to invest.

Jaye Muller
Jaye Muller 3 weeks

Here's the real headline: "Fed's Powell Sees Bitcoin As Gold Substitute"

Phoenix
Phoenix 4 weeks

While the USD continues to devalue...

Jaye Muller
Jaye Muller 4 weeks

As if the dollar is backed by anything... It's not, anymore.

Scott Hallinan
Scott Hallinan 4 weeks

And what's backing the U.S. Dollar? Oh yeah...belief.

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