While US Federal Reserve (#FED ) Chairman Jerome #Powell was known for his cautious approach towards cryptocurrencies during his tenure, remarkable statements were made about Bitcoin at the Dealbook Summit held today. Powell stated that Bitcoin is a speculative asset and used the expression, "Bitcoin is a competitor to gold, not the dollar. Bitcoin can be used like a digital version of gold."

This statement is considered to be one of the rare moments when Powell displayed a clear stance regarding Bitcoin's place in the financial system. Powell, who has previously drawn attention to the volatile structure of cryptocurrencies and the risks to financial stability in his statements, implied that Bitcoin has been changed from a basic medium of exchange to a more valuable store.

Powell's view may be an important signal for the markets. In a period when regulations on cryptocurrencies and central banks are focusing on digital currencies (CBDC), Bitcoin's existence as "digital gold" allows those behind to have this asset. This comment by Powell, who sees Bitcoin, which is especially stored as inflationary, as a store of value, may strengthen the current perception.

Powell's General Stance Against Cryptocurrencies

The Fed Chair has taken a cautious stance against cryptocurrencies in the past, drawing attention to the potential risks to the financial system. Powell, who also adopted a cautious approach to central bank digital currencies (CBDC), stated that the Fed would not rush into the digital dollar and that this step would be taken with the clear authorization of Congress.

Powell's statements are widely echoed in both cryptocurrency and traditional finance circles. In particular, the launch of Bitcoin as a "digital gold" could be an important milestone for markets to better understand Powell's views on cryptocurrencies.

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