Federal Reserve Chairman Jerome Powell has broken silence on the broad comparison between Bitcoin, Gold and the US Dollar. Speaking at the Dealbook Summit, he revealed that Bitcoin is a speculative asset that has a closer correlation to Gold rather than the US Dollar.
Settling the Bitcoin Versus Gold Feud
The Fed Chair shared his take on this analogy while speaking with CNBC’s Andrew Ross Sorkin. His statements directly address Bitcoin proponents who believe the coin could displace the US Dollar. Rather than the tag it along USD, Jerome Powell said BTC’s major competitor is gold and not the greenback.
This statement is stirring a debate in the broader market on what this means for the strategic Bitcoin reserve plan President-elect Donald Trump is nursing.
This is a developing story, please check back for updates!!!
The post Just-In: Fed Chair Jerome Powell Compares Bitcoin To Gold appeared first on CoinGape.
