Bitcoin (BTC) Competes With Gold, Not the US Dollar: Fed Chair Jerome Powell

US Federal Reserve Chairman Jerome Powell thinks Bitcoin (BTC) is extra like gold than the US greenback.

On the New York Instances DealBook summit this week, Powell was requested whether or not public curiosity in BTC represents a insecurity within the US greenback.

Says the Fed Chairman:

“I do not suppose folks suppose that means. Folks use Bitcoin as a speculative asset, proper? It is like gold. It is like gold, solely it is digital. It is digital. Folks do not use it as a way of cost or as a retailer of worth. It is extremely risky. It isn’t a competitor to the greenback, it is actually a competitor to gold. That is truly how I give it some thought.”

President-elect Donald Trump reportedly has no objection to Powell serving the rest of his time period as Fed chairman till Could 2026.

Trump nominated Powell throughout his first time period, however the two clashed a number of instances, resulting in the then-Forty fifth US president threatening to take away the Fed chairman from workplace.

Powell finally retained his submit and was reappointed by President Joe Biden for a second four-year time period in 2022.

Bitcoin is buying and selling at $98,013 on the time of writing. The highest crypto asset by market cap made headlines this week after breaking the $100,000 worth barrier for a number of hours on Wednesday and Thursday.

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