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.
Fiat money isn't even an asset. It's a perpetually devaluing means of exchange, and it's on its deathbed.
Aw bitcoins aren't backed by anything I guess. All that solid cryptography and future-proof infrastructure is actually worthless, didn't you know?
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.
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.
Meanwhile the dollar isn’t even an “asset” by any definition.
This means they see it as a threat. Good signal to invest.
Here's the real headline: "Fed's Powell Sees Bitcoin As Gold Substitute"
While the USD continues to devalue...
As if the dollar is backed by anything... It's not, anymore.
And what's backing the U.S. Dollar? Oh yeah...belief.
chair of the Fed criticizing BTC not being backed by anything lmao what a Clown