The head of the Federal Reserve believes that Bitcoin should be viewed as a competitor to gold rather than a threat to the US dollar.
Jerome Powell, the head of the US Federal Reserve, stated that Bitcoin should be considered an alternative to gold rather than a threat to the US dollar.
Bitcoin is known for its high volatility, as investors often use it for speculation. However, despite this, the cryptocurrency can be considered a digital version of gold.
Most investors do not view Bitcoin as a means for everyday payments, and its price remains unstable, making it difficult for it to potentially displace the US dollar in the global market.
Nevertheless, Bitcoin is successfully competing with gold. The BTC price has risen by 70%, while gold has increased in value by 52%.