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Fed Chairman Jerome Powell Compares Bitcoin to Gold
Powell compared bitcoin to gold, referring to them both as speculative stores of value.
Federal Reserve Chairman Jerome Powell said he can envision a return to an era where multiple currencies are in use in the United States.
During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said: “The size of Facebook’s network means it could be, essentially, immediately systemically important.”
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Though the initiative raised “a lot of serious concerns,” including privacy, money laundering, consumer protection, and financial stability, he began to speak favorably about other cryptocurrencies.
“Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It's a speculative store of value.”
Powell has stated in the past that the United States should not return to the gold standard. Some took the statement as referring to a call to "drop gold, buy bitcoin."
How far we've come. The Chairman of the Federal Reserve just compared bitcoin to gold
— Barry Silbert (@BarrySilbert) July 11, 2019
Folks, it's happeninghttps://t.co/onVmTj4hUk
Disclosure: Silbert is the head of CoinDesk owner DCG.
Image via Shutterstock.
Daniel Kuhn
Daniel Kuhn was a deputy managing editor for Consensus Magazine, where he helped produce monthly editorial packages and the opinion section. He also wrote a daily news rundown and a twice-weekly column for The Node newsletter. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.
