Jerome Powell, the current chairman of the Federal Reserve said in a recent webinar that, although Bitcoin and other cryptos are ‘highly volatile’, he sees BTC as a replacement for Gold, rather than the dollar.
Long regarded by enthusiasts as a great store of value, Bitcoin has been significantly outperforming precious metals, especially since the start of 2021. But the Fed Chair went on to say that he believed the high volatility of Bitcoin means that in his opinion it is not useful as a store of value.
He went on to say that crypto assets are not backed by anything, and they are more an ‘asset for speculation’. Someone may need to point out to him the sheer hypocrisy of this statement from a man who runs the Fed, the central bank of the USA which has been creating money from fresh air for over 100 years.
