Bitcoin is a rival to gold, not the dollar – Powell
Fed chair’s comments come as cryptocurrency passes $100,000 valuation
The chair of the US Federal Reserve, Jerome Powell, said on December 4 that bitcoin was a rival to gold, not the dollar.
“People use bitcoin as a speculative asset,” Powell told The New York Times DealBook Summit. “It’s just like gold – only it’s virtual, it’s digital. It’s not a competitor for the dollar. It’s really a competitor for gold.”
Powell said that although the Fed does not regulate crypto assets directly, it “would want the interaction between the crypto business and the banks to not
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