Jerome Powell about Bitcoin

[ConnerDalfino]

FED chair Jerome Powell says cryptos such as Bitcoin still too volatile to replace the US and deemed it a speculative asset. $BTC enjoyed price surges this year as major companies adopted and invested in the token.
What are your thoughts?

[pooya87]

What are your thoughts?

There is no thought on this, some parts of the statement is obvious. Bitcoin is still a very volatile currency. It is however not an investment, or a token. It is also not meant to "replace" USD. It is supposed to give people an extra decentralized option that can not be corrupted by the same centralized US banks that corrupted fiat.

[PointHope]

FED chair Jerome Powell says cryptos such as Bitcoin still too volatile to replace the US and deemed it a speculative asset. $BTC enjoyed price surges this year as major companies adopted and invested in the token.
What are your thoughts?

Jerome Powell also said Bitcoin is a harder asset than gold...

When BTC market cap hits 3 trillion $ the volatility wont be much anymore.

https://news.bitcoin.com/fed-chairman-jerome-powell-bitcoin-substitute-for-gold/

[Yaunfitda]

FED chair Jerome Powell says cryptos such as Bitcoin still too volatile to replace the US and deemed it a speculative asset. $BTC enjoyed price surges this year as major companies adopted and invested in the token.
What are your thoughts?

Hmm, let's see:

Bitcoin volatility? ☑
Speculative asset? ☑
Will not replace the $ ☑

So I don't think that there's something new about FED chair Jerome Powell's statement about BTC.
They still didn't know what bitcoin or crypto in general offers to us.

[Kong Hey Pakboy]

Well most of what Powell said is true about bitcoin, just because he is in the government doesn't mean that we have to attack everything that he or they say because some of them ring true like this one, bitcoin is indeed an speculative asset which we should accept because it is the truth, no point running away from it right? It will be difficult for bitcoin to replace US dollar because of the scale that bitcoin has to fill in.

[Bilgent]

FED chair Jerome Powell says cryptos such as Bitcoin still too volatile to replace the US and deemed it a speculative asset. $BTC enjoyed price surges this year as major companies adopted and invested in the token.
What are your thoughts?

I think it is totally clear already that Bitcoin's aim is not replacing the US Dollar and it can't also. Not many governments would like accept Bitcoin as their main currency. And I give them right. The best things for Bitcoin could be:

1. Becoming one of the best alternative payment methods and being useable in as many places as possible.
2. Continuing to be one of the best investment tools.