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Fed Chair Powell Calls Bitcoin "Digital Gold," Says It's Not a Competitor to the US Dollar

Dec 4, 2024, 07:34 PM

At the Dealbook Summit on December 4, 2024, Federal Reserve Chair Jerome Powell stated that Bitcoin is used as a speculative asset and is not a competitor to the US dollar. He described Bitcoin as "just like gold, only it's digital," emphasizing that it serves as an alternative to gold rather than a means of payment or a store of value. Powell noted that Bitcoin is highly volatile and that people are not using it as a form of payment.