US Federal Reserve Chairman Jerome Powell thinks Bitcoin (BTC) is more like gold than the US dollar.
At the New York Times DealBook summit this week, Powell was asked whether public interest in BTC represents a lack of confidence in the US dollar.
Says the Fed Chairman:
“I don’t think people think that way. People use Bitcoin as a speculative asset, right? It’s like gold. It’s like gold, only it’s virtual. It’s digital. People don’t use it as a means of payment or as a store of value. It is very volatile. It’s not a competitor to the dollar, it’s really a competitor to gold. That’s actually how I think about it.”
President-elect Donald Trump reportedly has no objection to Powell serving the remainder of his term as Fed chairman until May 2026.
Trump nominated Powell during his first term, but the two clashed several times, leading to the then-45th US president threatening to remove the Fed chairman from office.
Powell ultimately retained his post and was reappointed by President Joe Biden for a second four-year term in 2022.
Bitcoin is trading at $98,013 at the time of writing. The top crypto asset by market cap made headlines this week after breaking the $100,000 price barrier for several hours on Wednesday and Thursday.
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Generated image: Midjourney