🚨🚨 Fed Chair Jerome Powell Says, 'We're Not Allowed to Own Bitcoin'🚨🚨

Jerome Powell, the Federal Reserve Chair, has stated that the central bank cannot include $BTC in its balance sheet due to legal constraints outlined in the Federal Reserve Act.

During a press conference on December 19, Powell clarified that the Federal Reserve has no intention of seeking legislative changes to allow Bitcoin ownership.

Powell explicitly mentioned that the Federal Reserve is not allowed to own Bitcoin as per the current Federal Reserve Act and that any potential changes regarding this would be up to Congress, not the Fed.

Following Powell's remarks, Bitcoin experienced a decline, dropping 5.9% to $100,605 after reaching a peak of $108,000, marking the first price drop in four days.

The impact of Powell's statements extended across the cryptocurrency market, resulting in a 7.6% decrease in total market cap to $3.67 trillion within 24 hours. Other prominent cryptocurrencies like Ethereum ($ETH ), $XRP , and Solana also saw significant losses.

Concurrently, the Federal Reserve announced a quarter-point cut in interest rates to a range of 4.25%–4.5%, which negatively affected stock markets, leading to declines in major indices including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average.

📉📈 Opportunity or warning?

The Federal Reserve's cautious approach might influence market trends, raising questions about whether Bitcoin's role as an inflation hedge is still relevant.

📊 And do you think this price drop is just a scare or a trend change?

📍Disclaimer: This is not a financial recommendation, cryptocurrency investments are speculative, and past performance does not guarantee future results. Always conduct your own research and consider your risk tolerance.

Thank you for reading.