As a seasoned investor with over two decades of experience navigating the ever-evolving financial landscape, I find myself intrigued by the recent comments made by Powell regarding Bitcoin. Having witnessed the rise and fall of various investment trends, I can’t help but see a glimmer of familiarity in his words.
Speaking at the New York Times DealBook Summit, Powell criticized Bitcoin’s volatility and its limited use in everyday transactions. “People aren’t using it as a form of payment or as a reliable store of value. It’s not a competitor to the dollar—it’s more of a competitor to gold,” he remarked.
In the course of our discourse, I highlighted the Federal Reserve’s steadfast dedication to safeguarding the banking system from the potential threats that cryptocurrencies might present. I stressed that we regulate and supervise banks, and it is crucial that the dealings between crypto businesses and the banking sector do not undermine financial stability. Furthermore, I underlined the significance of consumer protection, as it is essential to make buyers fully aware of the risks associated with cryptocurrencies.
Powell’s comments come as Bitcoin edges closer to the $100,000 mark, trading at $97,188, up 2% on the day.
Cobie positing on X, had a clear perspective.
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2024-12-05 15:08