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Details of FED Powell's speech on Bitcoin reserves
In a recent press conference, Federal Reserve Chairman Jerome Powell was asked whether the FED would hold Bitcoin reserves in the future. He made it clear, emphasizing:
1️⃣ The FED is not allowed to own Bitcoin or other digital assets:
Powell confirmed that under current legal regulations, the Federal Reserve does not have the right to own Bitcoin or any cryptocurrency. This aligns with the financial policies of the United States government, which focuses on maintaining stability and protecting the traditional financial system.
2️⃣ No plans to seek a change in the law:
He emphasized that the FED has no intention of pushing for changes to existing regulations to allow for Bitcoin reserves. This viewpoint shows that the FED maintains a safe distance from the cryptocurrency market, focusing on traditional assets such as gold, bonds, and foreign exchange to ensure stability.
3️⃣ Views on cryptocurrency:
Powell also mentioned that cryptocurrencies, including Bitcoin, are not considered suitable assets for the FED to hold due to their high volatility and lack of stability compared to traditional assets. However, he acknowledged that blockchain technology and digital assets could play an important role in financial innovation.
The significance of this statement
In a recent press conference, Federal Reserve Chairman Jerome Powell was asked whether the FED would hold Bitcoin reserves in the future. He made it clear, emphasizing:
1️⃣ The FED is not allowed to own Bitcoin or other digital assets:
Powell confirmed that under current legal regulations, the Federal Reserve does not have the right to own Bitcoin or any cryptocurrency. This aligns with the financial policies of the United States government, which focuses on maintaining stability and protecting the traditional financial system.
2️⃣ No plans to seek a change in the law:
He emphasized that the FED has no intention of pushing for changes to existing regulations to allow for Bitcoin reserves. This viewpoint shows that the FED maintains a safe distance from the cryptocurrency market, focusing on traditional assets such as gold, bonds, and foreign exchange to ensure stability.
3️⃣ Views on cryptocurrency:
Powell also mentioned that cryptocurrencies, including Bitcoin, are not considered suitable assets for the FED to hold due to their high volatility and lack of stability compared to traditional assets. However, he acknowledged that blockchain technology and digital assets could play an important role in financial innovation.
The significance of this statement
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