Fed chairman Jerome Powell compares Bitcoin to gold
Federal Reserve Chairman Jerome Powell said he can imagine a return to an era in which several currencies are used in the United States.
During Powell’s testimony before the Senate Banking Committee about Libra’s planned cryptocurrency on Facebook, he said: “The size of the Facebook network means that it could be, essentially, of immediate systemic importance.”
Although the initiative raised “many serious concerns,” including privacy, money laundering, consumer protection and financial stability, it began to speak favorably about other cryptocurrencies.
“Almost nobody uses Bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.”
The Fed president says that Bitcoin is a store of value, and the United States financial system will never return to the gold standard. It literally says that DROPGOLD should be in the next commercial of the DROPGOLD campaign.
The global financial system does not have genuine support, trust is the only value that is shown, systems are lacking, one of them is the issuance of debts that according to experts and specialists is already unpayable, public credit to cover the deficit The fiscal system of some economies can cause the traditional system to collapse, blockchain-bitcoin technology is an alternative that can be used to generate an endorsement that satisfies investors. It is waiting for new announcements.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.