Jerome Powell, Fed Chairman Compares Bitcoin to Gold

by | Jul 12, 2019 | Bitcoin, Cryptocurrency, Cryptocurrency News

Jerome Powell |  Bitcoin | Gold

Jerome Powell, Federal Reserve Chairman presents his testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency hoping for an era where multiple currencies are being used in the United States, returns. 

Powlle’s states

“The size of Facebook’s network means it could be, essentially, immediately systemically important.”

While he did raise “a lot of serious concerns,” in regards to digital currencies such as privacy, money laundering, consumer protection, and financial stability, he also spoke favorably about other cryptocurrencies. Check out the video below:

He stated on thursday afternoon: 

“Almost no one uses bitcoin for payments, they use it more as an alternative to gold. It’s a speculative store of value.”

In the past, Powell has expressed that t the United States should not return to the gold standard. His words were twisted by some and referred it to mean  “drop gold, buy bitcoin.”

Read more: Brazilian Coffee Farming Cooperative Plans A Coffee-Backed Token

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