Velho rabugento, muito malvado

The major market decline is primarily due to news. Federal Reserve Chairman Powell stated that the Federal Reserve has no intention of holding Bitcoin. The market has overinterpreted this. To understand American institutions, the Federal Reserve itself is the institution that issues and manages the dollar; the dollar, interest rates, and U.S. Treasury bonds are the main objects of management by the Federal Reserve. Historically, it has never held any physical assets, nor has it held gold.

As a reserve asset, this is a matter for the national level, a matter for the Treasury Department, and it has nothing to do with the Federal Reserve itself. Powell is correct; if it’s not their business, why should they take it on? If the Federal Reserve could decide to hold BTC as reserves, it could also reserve quality real estate the next day, which would be chaotic. The adjustments in BTC and BNB provided a good opportunity to buy in the latter half of the bull market.