A few days ago, the Fed's "big boss" Powell made a statement, clearly stating that they are not interested in digital currencies such as Bitcoin and will not touch them. As soon as this statement came out, Bitcoin was like being poured with a bucket of cold water, and it fell from a high point of 108,000 to 92,500 in an instant.
Now, another heavyweight of the Federal Reserve, Ms. Daly, has also spoken out. She said that cryptocurrencies and gold are two different things and cannot be compared at all. To become real "money", cryptocurrencies are still far from it. Ms. Daly believes that cryptocurrencies must be viewed separately and cannot always be associated with gold. She said that cryptocurrencies are quite mysterious and need to be carefully studied and their personality can be defined after thorough research.
Daly's view is a little different from Powell's. Powell previously said that Bitcoin is like a virtual version of gold, purely a tool for speculation, and cannot be used as money at all because the price is too unstable. Although Daly also agrees that cryptocurrencies cannot be used as money at present, her statement is more nuanced.
Daly explained that in order to become a real currency, the value of cryptocurrency must follow economic development, and cannot be capricious like everyone wants it to increase in price. Just like the US dollar bills we usually use, the price will not increase no matter how many people use it. The value of the US dollar depends on the economic development and the comparison between our country and other countries. If cryptocurrency wants to become a real currency, it must first cultivate this "internal strength".
Although cryptocurrency still has a long way to go before it can become a real currency, this does not affect everyone's enthusiasm for hyping it. Since Trump took office, Bitcoin has been rising like a rocket, breaking through the $100,000 mark on December 4. Stocks related to cryptocurrency have also benefited from it and have risen rapidly.
Now, even those big guys who usually only buy stocks and bonds have begun to be interested in cryptocurrencies. Trump's new administration has even hired a venture capitalist named David Sacks to manage cryptocurrencies. Maybe the United States will really build up a Bitcoin reserve in the future.
In short, cryptocurrency is extremely popular now, and everyone thinks it has a bright future. One analyst even boldly predicted that by the end of 2026, Bitcoin will rise to $225,000. It seems that more and more bigwigs are optimistic about Bitcoin, which is definitely a big deal.
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