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Powell further explained that Bitcoin isn’t by people as a form of payment. Moreover it is very volatile as well.
” It’s not a competitor for the dollar, it’s really a competitor for gold” the Fed Chair was quoted as saying in reports.
Bitcoin recently saw a record high after Donald Trump emerged victorious in US Presidential elections. It is expected that the President elect might legitimise digital assets after coming back to power, since he called himself the “crypto candidate” while campaigning.
Bitcoin, Dogecoin and other crypto currencies were even accepted as donations during the campaigns.
Trump also promised in a Bitcoin conference that US must emerge as the crypto capital in the world.
Bitcoin as of now has surpassed silver as the eight most valuable asset in the world. It has a market valuation of $1.75 trillion while gold has a valuation of $18 trillion.
In the summit Powell also revealed that he is not allowed to own cryptocurrency.
The Fed chair when talking about inflation said that it is slightly “hotter than the central bank expected”. But he is optimistic that they can afford to be cautious while trying to find neutral.
