According to PANews, Mary Daly, president of the Federal Reserve Bank of San Francisco, said that cryptocurrencies should be considered an independent asset class rather than being lumped in with gold. She believes that cryptocurrencies are complex and do not yet have the conditions to become "currency."
Daly pointed out that crypto assets need to define their purpose, whether as a medium of exchange, a speculative asset, or a store of value, but their volatility and demand-driven value characteristics are significantly different from the stability of traditional currencies.
Daly's views differ from those of Fed Chairman Jerome Powell, who has likened Bitcoin to virtual gold, but both believe that cryptocurrencies do not currently qualify as money.