A return to an era where multiple currencies are in use in the United States can be envisioned by Federal Reserve Chairman Jerome Powell. However, Bitcoin identical to gold says Federal Reserve Chairman.
While providing testimony about Facebook’s planned Libracryptocurrency, Powell said before the Senate Banking Committee: “The size of Facebook’s network means it could be, essentially, immediately systemically important.”
Although, Bitcoin identical to gold says Federal Reserve Chairman. He spoke favorably about other cryptocurrencies, though the initiative raised “a lot of serious concerns,” such as:
- money laundering
- consumer protection
- financial stability
“Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said. “It’s a speculative store of value.”
Also, some took Powell’s past statement that the United States should not return to the gold standard as a call to “drop gold, buy bitcoin.”