While preparing this article, Fed Chair Powell delivers statements indicating he will remain in his position until the end of his term. Previously, we discussed how dreams regarding a potential rapid decrease in interest rates, favoring bulls, have been dashed. So, what do Powell’s statements mean for cryptocurrencies?
Insights from the Fed Chair
Although inflation data remains relatively close to the 2% target, it shows a halt in steady decline. Members mention the possibility of reaching the 2% target within the next two years, but this lengthy process has led to a belief that there might be a maximum of three interest rate cuts next year. This sentiment falls below previous annual reduction expectations among Fed members.
Powell states that Bitcoin (BTC ($86,695.00)) 
$96,579 competes not with the US dollar but with Gold, essentially confirming its status as digital gold.
Key points from Powell’s remarks include the following:
“Powell: Higher immigration is one of the reasons for strong growth in 2023. (Likely with Trump) ...
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