THELOGICALINDIAN - Federal Reserve Chairman Jerome Powell sees cryptocurrency as a acting for gold rather than the dollar However he cautioned that crypto assets including bitcoin are awful airy and not advantageous as a abundance of value
Fed Chair Sees Bitcoin as a Gold Substitute
During a webinar sponsored by the Bank of International Settlements (BIS) on Monday, Federal Reserve Chairman Jerome Powell talked about cryptocurrency, advertence bitcoin in particular.
The Fed armchair detailed: “Crypto assets are awful volatile, see bitcoin, and accordingly are not absolutely advantageous as a abundance of value. And, they are not backed by anything. They are added of an asset for speculation. They are additionally not decidedly in use as a agency of payment.” He elaborated:
Powell proceeded to say that with crypto assets, “the accessible needs to accept the risks. The arch affair is there’s the volatility. There’s additionally the outsized activity claim for mining, and the actuality that they’re not backed by anything.”
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