Fed Chair Powell Labels Bitcoin a Speculative Digital Gold, Not a Threat to U.S. Dollar

Dec 4, 2024, 07:47 PM

Federal Reserve Chair Jerome Powell stated at the DealBook Summit on December 4, 2024, that Bitcoin is a digital competitor to gold rather than to the U.S. dollar. He described Bitcoin as a speculative asset that is highly volatile and noted that people are not using it as a form of payment or store of value. Powell emphasized that Bitcoin is not a threat to the dollar but is similar to gold, only digital.