The U.S. Federal Reserve Chair, Jerome Powell, recently shared his thoughts on Bitcoin (BTC) at the New York Times DealBook summit. Powell likened Bitcoin to gold rather than the US dollar, stating that people use it as a speculative asset similar to how they use gold. He emphasized that Bitcoin is virtual and digital, not commonly used as a form of payment or store of value due to its high volatility. Powell sees Bitcoin as a competitor for gold rather than the US dollar.
Despite past clashes with former President Donald Trump, Powell is set to serve as Fed chair until May 2026. Trump initially nominated Powell during his first term, but tensions arose between the two, leading to threats of removal. However, Powell retained his position and was reappointed by President Joe Biden in 2022.
Bitcoin’s current price stands at $98,013, with the cryptocurrency making headlines after briefly surpassing the $100,000 price mark earlier in the week. This price surge has captured the attention of investors and enthusiasts alike.
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Remember, when it comes to investing in Bitcoin or any other digital asset, it’s essential to stay informed and make informed decisions. The cryptocurrency market is known for its volatility, so always do your research and seek professional advice before making any investment decisions.
As we navigate the ever-evolving world of cryptocurrencies, let’s continue to explore the potential and possibilities that Bitcoin and other digital assets offer. Stay tuned for more updates and insights on The Daily Hodl.