Cryptocurrency

Federal Reserve Chairman Jerome Powell Has Compared BTC To Gold

There is no doubt Bitcoin has gained popularity in the masses but the recent statement from Jerome Powell, Chairman of the Federal Reserve, has left the Bitcoin community thoroughly pleased. Powell has stated that Bitcoin is largely being utilized as a trusted alternative to the popular metal Gold. His remarks came in the course of his testimony to the Senate Banking Committee on Thursday, 11th July 2019.

Powell also said that he could picture a scenario that marks its return to the era wherein more than one currency is in usage in the US.

The Chairman, during his testimony on the social media giant Facebook’s ambitious digital currency project Libra, opined that it could immediately, essentially, and systematically important given the broad network of the social networking giant.

The initiative saw multiple key concerns being voiced, such as money laundering, financial stability, customer protection, and privacy. However, Powell was noted expressing positive and favorable remarks on other digital currencies.

Powell suggested in his statement that almost nobody utilizes the number one cryptocurrency, Bitcoin, for making payments. It is being used more like an option for gold. He added that Bitcoin is an unpredictable store of value similar to the way gold is.

These comments by the Chairman drew in a series of appreciation and discussion on Twitter from commoners to noted industry experts. While many of them posted celebratory statements, there were also some who slammed it.

There were also people who took Powell’s statements on Bitcoin as another call to the “drop gold and buy Bitcoin.”

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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