US Federal Reserve Chairman Powell refers to Bitcoin as a "store of value"

11 Jul, 2019
by David Borman
Bitcoin
US Federal Reserve Chairman Powell refers to Bitcoin as a store of value

It is being reported by Cryptopotato that United States Federal Reserve Chairman Jerome Powell recently referred to Bitcoin as a store of value "like Gold." He admitted that right now most don't use it as money, but if in the future they do, the US may one day again have multiple currencies.

When asked directly by the Senate Banking Comittee, "If a cryptocurrency system were to become prevalent throughout the globe, would that diminish or remove the need for a reserve currency?" Powell responded that such developments "are possible," but then points out that there is not yet mass adoption in place.

"...really almost no-one uses Bitcoin for payments. They use it more as an alternative to gold, really. It's a store of value, it's a speculative store of value, like gold."

He then says that if we did see adoption, "you could see a return to an era in the United States where we had many different currencies."

Many on twitter were impressed by this statement:

It does seem exciting that the Chairman of the US Federal Reserve at least does not villify Bitcoin or its possible role in the future economy. Will this bring more people into the flock? Stick with Chepicap for all updates!

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