- Jerome Powell likens Bitcoin to gold, emphasizing its role as a speculative asset.
- Bitcoin surpasses silver in value, reaching $102K, but still far from gold’s $18 trillion.
During his appearance at the DealBook Summit on the 4th of December, Federal Reserve Chair Jerome Powell shared his view on Bitcoin [BTC ($103,346.00)]‘s evolving role in the financial landscape.
Powell described BTC as increasingly resembling gold rather than the U.S. dollar, emphasizing its potential as a store of value rather than a traditional currency.
He said,
“People use Bitcoin as a speculative asset. It’s like gold—it’s just virtual and digital.”
Jerome Powell’s bold Bitcoin stance
As expected, Powell further addressed concerns regarding Bitcoin’s potential threat to the U.S. dollar and the Federal Reserve’s authority.
He clarified that despite its growing recognition, BTC does not pose a challenge to the strength of the dollar, as it remains highly volatile and is not widely used as a primary payment method or a stable store of value.
Powell emphasized th...
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