Fed Chairman: “Bitcoin is a substitute for Gold”
The debate surrounding Bitcoin’s real use-case has been going on for years. Although the leading cryptocurrency was initially designed to be a medium of exchange, its high volatility and other features have turned it into more of an asset over the past few years. More people are calling it the digital gold as it has become an asset that appreciates with time. Fed Chairman Jerome Powell has now joined the conversation regarding Bitcoin’s use case.
Bitcoin is more similar to Gold than to the US Dollar
The chairman of the United States Federal Reserve, Jerome Powell, believes that Bitcoin is more of a store of value than a currency. The Fed chair said this while speaking at an event hosted by the Bank for International Settlements (BIS) earlier today.Powell stated that although Bitcoin is too volatile to be a currency and is not backed by anything, it could be a substitute for Gold rather than the US Dollar. The Fed chair was asked whether Bitcoin and other cryptocurrencies pose a threat to financial stability. Powell stated that those arguments stemmed from legacy finance figures.
The Fed chair stated that “They are more of an asset for speculation, so they’re not particularly in use as a means of payment. It is more a speculative asset. It is essentially a substitute for gold rather than for the dollar.”
Powell also discussed stablecoins as he believes they are better than the regular cryptocurrencies. “To the extent, a stablecoin is backed by sovereign currencies of leading nations, that’s certainly an improvement over crypto assets, I would say,” Powell added.
Powell believes Bitcoin is a store of value
The comments by Powell show perhaps the most direct Fed opinions of Bitcoin and other cryptocurrencies. Powell’s latest comments aligned with his statement in 2019 when he linked Bitcoin to Gold.Although Powell has never publicly backed Bitcoin, most cryptocurrency experts and analysts will agree with his views. The leading cryptocurrency has been considered more of an asset than a medium of exchange for a while now.
Bitcoin rallied by roughly 1000% over the past year as it cements its position as perhaps the most valuable asset of the last decade.
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