I couldn't believe how Peter Schiff even got into this article to reinforce his position as a long term goldbug/shill
Regarding Powell’s position on the need for a global reserve currency, Peter Schiff hastened to point out,
“Powell is wrong. The world does not need another reserve currency to replace the dollar. Gold is a much better reserve asset than any fiat currency. In fact, gold reserves legitimize the currencies they back. The dollar only became the reserve currency due to its gold backing.”
The narrative/stance is still the same - that bitcoin isn't a true "currency", despite the facts that squatter pointed out when it comes to the sheer amount of transactions being processed on the network on a daily basis; that bitcoin poses "regulatory risks" potentially; and that decentralization isn't anything good.
Which is understandable given their vested interest in the central system, which I appreciate. Hey, at least they are shifting their stance to more positive in terms of bitcoin's status as a store of value, as opposed to just denying that fact altogether.
But what I find more interesting is their obsession with Libra. They seem to be more concerned with Libra than BTC at this stage, which sort of contradicts the entire 'decentralization' story that they've put out. But it's also obvious why they seem to feel threatened since essentially if FB gets enough people to adopt their coin, they can run their own economy, have their own currency, control their own interest rates - things that BTC can't do.
During the second day of Jerome Powell’s testimony, senators reiterated their concern about private corporations, such as Facebook, who with their money and power are now attempting to create their own currency and monetary policy.
And how many of those 300-400k transactions are consumer transactions?
But what Powell is saying is that BTC isn't used for payments, period. Which is clearly false.
