[2019-07-12] Fed Chairman Jerome Powell Compares Bitcoin to Gold

[mich]

https://www.coindesk.com/fed-chairman-jerome-powell-compares-bitcoin-to-gold?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

Federal Reserve Chairman Jerome Powell said he can envision a return to an era where multiple currencies are in use in the United States.

During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said: “The size of Facebook’s network means it could be, essentially, immediately systemically important.”

Though the initiative raised “a lot of serious concerns,” including privacy, money laundering, consumer protection, and financial stability, he began to speak favorably about other cryptocurrencies.

“Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.”

Powell has stated in the past that the United States should not return to the gold standard. Some took the statement as referring to a call to “drop gold, buy bitcoin.”

[Naida_BR]

I totally agree with Mr. Powell.
Bitcoin is more than a digital asset which is used to store value. I hardly ever have heard someone of using Bitcoin to make payments. Maybe this volatily makes people to be afraid of making cryptopayments with it, because they may think that they are going to lose money.

[bbc.reporter]

He also mentioned other things on why bitcoin has become a speculative store of value. The unsustainability of the present fiscal policy of America and the dollar might not be the reserve currency forever.

The skeptical me would think he is already holding bitcoin hehehe.

[joelsamuya]

We have a good man in Fed Chairman Jerome Powell as he seems to understand the importance of storing gold and hopefully the digital version the Bitcoin. I am then looking forward for the time when USA will also be buying Bitcoin as a reserve currency aside from stocking up more gold. Gold should be the standard store of value and backer of currencies for all national fiat monies and then we the people should be hoarding Bitcoin.