PANews December 31 news, according to Jin Ten reports, San Francisco Federal Reserve President Mary Daly stated that cryptocurrencies should be regarded as an independent asset class, rather than being mixed with gold. She believes that cryptocurrencies are complex and do not yet meet the conditions to be considered 'money.' Daly pointed out that crypto assets need to define their uses, whether as a medium of exchange, speculative asset, or store of value, but their volatility and demand-driven value characteristics significantly differ from the stability of traditional currencies.
Daly's view differs from that of Federal Reserve Chairman Jerome Powell. Powell previously compared Bitcoin to virtual gold rather than a competitor to the dollar, but both believe that cryptocurrencies currently do not meet the conditions to be considered as money.