BlockBeats news, on December 31, San Francisco Fed President Daly stated that cryptocurrencies should be viewed as an independent asset class, rather than being mixed up with gold as is often the case, and that cryptocurrencies are complex and not yet ready to become 'money.'
Daly said on the podcast, "I think cryptocurrency is a complex thing, and the service we need to provide for everyone is to really interpret what it means. Once we do that, we can define it. It can be a form of currency, a medium of exchange, or it can be stocks, a store of value, or sometimes a depreciating asset. We just need to define these terms."
Daly stated, "So I don't think it's like gold; it sometimes has gold-like characteristics, but I don't think it's an asset similar to gold." Daly agrees with Powell that cryptocurrencies are not yet ready to be considered money, while some cryptocurrency bulls believe that at this stage of its lifecycle, cryptocurrencies should be regarded as money. (Jin Shi)