Business
‘Highly volatile’: Powell’s not-so-cryptic warning on Bitcoin – Al Jazeera English
‘Not really useful as a store of value’ or a means of payment, US Fed chair said of Bitcoin and other cryptocurrencies.
Federal Reserve Chair Jerome Powell said on Monday that the United States public needs to understand the risks behind Bitcoin and other cryptocurrencies, even as the central bank itself is studying the potential costs and benefits of a digital dollar.
Powell said the Fed prefers to call crypto coins crypto assets, because their volatility undermines their ability to store value, a basic function of a currency.
Theyre highly volatile, see Bitcoin, and therefore not really useful as a store of value,…
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