Federal Reserve Chair Jerome Powell dismisses claims about Bitcoin’s rivalry with the U.S. Dollar, emphasizing that BTC is the digital version of gold.
Powell stated this position yesterday at the New York Times DealBook Summit while referring to Bitcoin as a speculative asset.
Bitcoin Is a Speculative Asset Like Gold
For context, assets tagged as speculative are mainly acquired with the expectation that their price would spike over time. This is similar to how investors speculate on the value of gold.
Notably, Powell described #Bitcoin as the digital version of gold, suggesting that people only use both for speculative purposes.
He opined that Bitcoin should not be considered a rival to the U.S. Dollar because it is not used as a store of value or everyday payments. However, he contended that Bitcoin is highly volatile. Hence, it should be compared to gold.
