Bitcoin’s meteoric run may have gotten a little extra push from an unlikely source: Federal Reserve Chair Jerome Powell.
In comments Wednesday about the cryptocurrency, the central bank leader noted that he does not and cannot own any himself.
However, he also maintained that bitcoin is not a challenge for traditional currencies such as the U.S. dollar but rather for gold.
“People use bitcoin as a speculative asset,” Powell told CNBC’s Andrew Ross Sorkin during the New York Times’ DealBook Summit.
It’s not a competitor for the dollar, it’s really a competitor for gold.”For those who watch the crypto markets, the Powell comments, whether unwittingly, provided a sense of legitimacy for bitcoin and helped drive it another leg higher.
Persons:
Jerome Powell, ” Powell, CNBC’s Andrew Ross Sorkin, “ It’s, Powell, Bitcoin, ”, Joel Kruger, Donald Trump, bitcoin, Trump, Paul Atkins, Gary Gensler
Organizations:
U.S, New York Times, LMAX, Securities and Exchange Commission, SEC
Locations:
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