{"id":42729,"date":"2024-12-05T12:24:51","date_gmt":"2024-12-05T12:24:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-compared-to-gold-not-the-dollar-says-fed-chair-jerome-powell\/"},"modified":"2024-12-05T12:24:51","modified_gmt":"2024-12-05T12:24:51","slug":"bitcoin-compared-to-gold-not-the-dollar-says-fed-chair-jerome-powell","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-compared-to-gold-not-the-dollar-says-fed-chair-jerome-powell\/","title":{"rendered":"Bitcoin Compared to Gold, Not the Dollar, Says Fed Chair Jerome Powell"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

Federal Reserve Chairman Jerome Powell has drawn parallels between Bitcoin and gold, emphasizing its role as a store of value rather than a medium of exchange. Speaking at the New York Times DealBook Summit 2024, Powell described Bitcoin as \u201cdigital gold\u201d while downplaying its comparison to traditional currency. In 2021, Powell emphasized on the fact that in the future, bitcoin will be substitute for gold.<\/a><\/p>\n

Bitcoin as a Gold Competitor<\/h2>\n

Powell highlighted Bitcoin\u2019s volatility and limited use in everyday transactions, asserting that it isn\u2019t a rival to the US dollar. Instead, he positioned it as a virtual alternative to gold, stating, \u201cIt\u2019s just like gold, only it\u2019s virtual. People are not using it as a form of payment or as a store of value. It\u2019s highly volatile. It\u2019s not a competitor for the dollar; it\u2019s really a competitor for gold.\u201d<\/em><\/p>\n

Bitcoin\u2019s growing reputation as \u201cdigital gold\u201d aligns with its increasing popularity among investors seeking to preserve value. However, Powell noted the cryptocurrency\u2019s volatility and lack of mainstream adoption as payment.<\/p>\n

While the Federal Reserve doesn\u2019t directly regulate cryptocurrencies, Powell stressed the need for safeguards in the digital asset space. He urged for consumer protections and oversight to ensure safety within the evolving crypto industry. \u201cIt\u2019s important that the growing crypto industry finds a position compatible with the conventional banking system,\u201d<\/em> he said, emphasizing the need for appropriate supervision.<\/p>\n

Despite his comments on Bitcoin and the crypto industry, Powell revealed he doesn\u2019t personally hold any cryptocurrencies. Asked about this by journalist Andrew Ross Sorkin, Powell responded, \u201cNot at all.\u201d<\/p>\n

\n
\n
\n
\n
\n
5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n

New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

As cryptocurrencies gain traction globally, Powell\u2019s remarks underline the challenges of integrating them into traditional finance. While acknowledging Bitcoin\u2019s role as a store of value, his comments highlight concerns about its volatility and the broader need for regulation in the crypto market.<\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) Federal Reserve Chairman Jerome Powell has drawn parallels between Bitcoin and gold, emphasizing its role as a store of value rather than a medium of exchange. Speaking at the New York Times DealBook Summit 2024, Powell described Bitcoin as \u201cdigital gold\u201d while downplaying its comparison to […]<\/p>\n","protected":false},"author":35,"featured_media":42730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/42729"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=42729"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/42729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/42730"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=42729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=42729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=42729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}