Jerome Powell: Bitcoin is Like Digital Gold
During the New York Times’ DealBook Summit, US Federal Reserve Chair Jerome Powell compared the value of Bitcoin to that of gold.
He noted that, like gold, people primarily use Bitcoin as a speculative asset and that it is virtual and digital in nature. However, he stressed that Bitcoin is not a viable form of payment and is highly volatile.
Powell reiterated that Bitcoin is not a threat to the stability of the US dollar, but rather a competitor to gold. In 2023, Powell reportedly expressed faith in the staying power of Bitcoin.
Since the US presidential election, Bitcoin’s price has seen a significant increase, currently trading at above $100,000. President-elect Donald Trump has shown support for the crypto industry, referring to himself as the “pro-Bitcoin candidate” in July.
