At a recent press conference, Jerome Powell, the chairman of the US Federal Reserve, made important statements about Bitcoin and cryptocurrencies. Powell made it clear that the US central bank does not intend to participate in any government efforts to own large amounts of Bitcoin, stating that “we are not allowed to own Bitcoin.” He added that these issues are for Congress to decide, and that the Fed is not seeking any legal changes in this regard.
Powell also described Bitcoin as a speculative asset similar to gold, stressing that it is not used as a means of payment or a store of value, given its extreme volatility. He pointed out that Bitcoin is not a competitor to the US dollar, but rather to gold.
Additionally, Powell expressed no concern about the impact of cryptocurrencies on financial stability in the United States, stressing the importance of properly regulating stablecoins, as they can be a useful and effective part of the financial system if properly regulated.
These statements come at a time when cryptocurrencies, most notably Bitcoin, are witnessing increasing interest from investors and financial institutions, as debate continues about their future role in the global financial system.
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