US Federal Reserve Chairman acknowledged Bitcoin as an alternative to gold to save value

Speaking to the US Senate Banking Committee, Federal Reserve Board Governors Jerome Powell acknowledged that Bitcoin (BTC) is used as a value-saving tool as an alternative to gold.

“In fact, almost no one uses Bitcoin for payment, they often use it as an alternative to gold. This means of accumulating value is a repository of value, like gold, ”the Fed chairman said.

In the crypto community, Powell's statement was noticed, regarding him as the actual recognition of Bitcoin as “digital gold” – this role has often been predicted by the first cryptocurrency recently. For example, founder and partner of Morgan Creek Digital, Anthony “Pomp” Pompliano, stressed on Twitter that the Fed Chairman called BTC a “store of value”.

But the famous Bitcoin critic Peter Schiff compared Powell with Alan Greenspan, whom some economists, including Paul Krugman and Nassim Taleb, consider the main cause of the global financial crisis of 2008-2009. Greenspan led the Fed in those years. Schiff recalled on Twitter how Greenspan encouraged property buyers with adjustable mortgage rates at the height of the market bubble. According to the investor who predicted the then crisis, Jerome Powell is now doing the same with Bitcoin.

Recall, on the eve of the Fed, speaking at a hearing in the Financial Services Committee of the House of Representatives of the US Congress, said that the regulator is “serious concern” Facebook's cryptocurrency plan .

Publication date 13/07/2019
Share this material on social networks and leave your opinion in the comments below.