Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on

The Federal Reserve Chairman, Jerome Powell, just said that bitcoin is a “speculative store of value” like how gold is used.
It’s a win for proponents of the theory that the US trade war has spurred investors to buy bitcoin as a way to diversify their portfolios.
Trump yesterday slammed bitcoin and other crypto currencies, saying they should be “subject to all banking regulations.”
Click here for more Markets Insider stories.

Federal Reserve Chairman Jerome Powell waded into the debate about bitcoin’s role in the global financial system, adding weight to the theory that it’s a safe haven option for investors.

When answering questions before the senate banking committee on Thursday, Powell was asked: “If a cryptocurrency system became prevalent throughout the globe, would that diminish or remove the need for a reserve currency?”

Powell replied: “Things like that are possible, but we really haven’t seen them, we haven’t seen widespread adoption. Bitcoin is a good example. Really almost no one uses bitcoin for payments, they use it as an alternative to gold, it’s a store of value, a speculative store of value, like gold.”

It’s a win for proponents of the theory that the US trade war with China and disputes with …read more


Source:: Businessinsider – Finance

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *