Federal Reserve Chair Powell said at Wednesday's DealBook summit: People use Bitcoin as a speculative asset. It is like gold - just virtual and digital. But he also stated that due to the high volatility of Bitcoin, it is not being used as a major payment method or a reliable store of value, "It is not a competitor to the dollar. It is actually a competitor to gold." When asked about the potential for national Bitcoin reserves, Powell emphasized that the goal of the Federal Reserve is to keep the banking system "safe and sound." Powell stated that the interaction that may exist between the cryptocurrency ecosystem and the traditional financial banking system should not threaten the health of the latter. He further pointed out that regulating the cryptocurrency industry is not the responsibility of the Federal Reserve. When asked if he personally owns Bitcoin, Powell stated that "he is not allowed" to own Bitcoin.