Fed Chair Jerome Powell Makes Surprising Statement About Bitcoin (BTC)

The Chair of the Federal Reserve, Jerome Powell, made notable remarks about Bitcoin at a recent conference. He compared Bitcoin to gold, emphasizing that "Bitcoin is like gold, but it is a virtual, digital asset" and noted that people often use Bitcoin as a speculative asset. He also clarified that Bitcoin is not a competitor to the US dollar; rather, it competes with gold, as Bitcoin is not widely used for payments and has high volatility.

Additionally, Powell asserted that there are no opposing views on the nature of Bitcoin and other cryptocurrencies, maintaining the stance that the Fed does not directly regulate these assets, but primarily monitors them to ensure they do not negatively impact the financial system. His statement came in the context of Bitcoin's price recently surpassing the $100,000 mark, a significant milestone in the development history of this cryptocurrency.