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Powell Says Fed Can't Own Bitcoin, Not Seeking Law Change; Bitcoin Drops 4.87% to $101,236

Dec 18, 2024, 08:09 PM

Federal Reserve Chairman Jerome Powell stated that the Federal Reserve is not allowed to own Bitcoin under the Federal Reserve Act and is not seeking any legislative changes to alter this position. Speaking in response to a question about whether the U.S. government sees value in building a reserve of Bitcoin, Powell emphasized that such decisions are for Congress to make. He noted that the central bank is prohibited from owning Bitcoin and is not looking to change the law. Following his comments, Bitcoin's price fell 4.87% to $101,236.