Fed chief believes Bitcoin should be viewed as a competitor to gold, not a threat to the US dollar

Jerome Powell, the head of the US Federal Reserve, said that Bitcoin should be viewed as an alternative to gold, not 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 consider Bitcoin as a means of everyday payments, and its rate remains unstable, which makes it difficult for it to potentially displace the US dollar from the global market.

Nevertheless, Bitcoin successfully competes with gold. Since this statement, the BTC rate has increased by 70%, while gold has increased in price by 52%.