Binance founder Changpeng Zhao, aka CZ, has recently spotlighted U.S. Fed Chair Jerome Powell’s evolving viewpoint regarding Bitcoin (BTC), causing an optimistic flurry among market participants. Converse to the Fed Chair’s previous hostile approach to the flagship cryptocurrency, a recent interview revealed that Powell sees the digital asset as parallel to gold, although there is a catch.
Binance Founder CZ Calls Jerome Powell’s Shifting Stance ‘An Improvement’
In an X post on February 15, Binance founder CZ called Jerome Powell’s optimistically shifting approach towards BTC “an improvement to the previous narrative.” Notably, the U.S. Fed Chair reflected a highly optimistic approach to Bitcoin, speaking with Andrew Ross Sorkin at the New York Times DealBook Summit.
Powell stated that “people use BTC as a speculative asset.” Further, he added that the asset is “just like gold, only it’s virtual.” This statement, underscoring the Fed Chair’s recognition of the crypto as an asset class, has raised eyebrows across the broader market.
However, it’s worth mentioning that the Chair still believes BTC to be of no comparison to the U.S. dollar, given its high volatility and lack of use as a payment method. Nevertheless, Powell’s comparison of BTC to gold is what the Binance founder is optimistic about.
CZ’s New Entry Into The Crypto Market?
Meanwhile, following CZ’s prison saga, a new endeavor in the crypto market has echoed a buzz among investors. Changpeng Zhao recently caught the market’s attention with his new dog, Broccoli, and the meme coin sector witnessed more than 20K token launches inspired by this event.
A recent CoinGape report revealed that a crypto whale bet hugely on CZ’s Dog (BROCCOLI) token amid this frenzy. Traders and investors continue to navigate the meme coin sector, filtering among these same themed tokens for profit-booking motives.
U.S. Fed’s Stace Still Not Optimistic?
Simultaneously, it’s also worth mentioning that despite Powell’s shifting approach to Bitcoin, the U.S. Fed’s recent monetary decisions have presented risk assets with pressure. The latest U.S. CPI data came in hotter than expected at 3% for January.
Whereas, the PPI also came in hot at 3.5%, the highest since February 2023. With rising inflation and no rate cuts by the Fed, the crypto market’s much-awaited bull-cycle appears to have halted. Nevertheless, crypto prices showed signs of recovery as the week came to an end, sparking discussions over future movements.
Also, CZ’s comments regarding an optimistic shift in Powell’s approach towards BTC sparked discussions over a loosened grip on risk assets by the U.S. Fed moving ahead.
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