Cryptocurrency market data from exchanges like Coinbase or Binance

Powell Says Fed 'Not Allowed to Own Bitcoin'; Bitcoin Drops 4.87% to $101,236

Dec 18, 2024, 08:14 PM

Federal Reserve Chair Jerome Powell stated that the Federal Reserve is prohibited from owning Bitcoin and is not seeking any legislative changes to alter this. When asked about the potential for the U.S. government or the Federal Reserve to build a reserve of Bitcoin, Powell responded, "We're not allowed to own Bitcoin and we're not looking for a law change." He explained that the Federal Reserve Act specifies the assets the central bank can hold and emphasized that any changes to this policy would be for Congress to consider. Following Powell's remarks, Bitcoin's price declined by 4.87% to $101,236.00.