The fed Chairman called bitcoin a speculative accumulation means and compared with gold

The Chairman of the Federal reserve system (the fed) Jerome Powell agreed that a global cryptocurrency could eliminate the need for reserve currencies, chief of which is the US dollar. He stated at the hearings in the Banking Committee of the U.S. Senate.

«It’s possible, but in reality we don’t see mass adoption. Bitcoin is a good example. Almost no one uses it as a means of payment, it is speculative means of accumulation», — he stressed.

Next, Powell said what about the scenario with the elimination of reserve currencies saying since the emergence of cryptocurrencies and hypothetically financial system, including the fed, could be completely transformed, and in the United States could go different currencies at the same time, which would be a return to an earlier era.

However, I should add that all this, with greater probability, been said to indicate the lack of mass adoption of crypto-currencies as means of payment on the example of bitcoin and demonstrate how incredible is the refusal of reserve currencies.

Despite this, the fed has clearly stated that it is not necessary to count on the fact that the US dollar will always be reserve currency in the world.

Earlier, Powell said that the digital currency Libra will not start up until its creators can’t answer all the disturbing questions of the regulators.

12 Jul bitcoin and mentioned US President Donald trump, who considers cryptocurrency money. In his opinion, the dollar will forever remain the dominant world currency.


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