Bitcoin Marketcap
$1.15T
Gold Marketcap
$16.15T
BTC Settlement Volume (24hr)
$12.90B
BTC Inflation Rate (next 1yr)
1.17%
CASEBITCOIN making the case for bitcoin every day
Bitcoin Marketcap
$1.15T
Gold Marketcap
$16.15T
BTC Settlement Volume (24hr)
$12.90B
BTC Inflation Rate (next 1yr)
1.17%
CASEBITCOIN making the case for bitcoin every day
US Federal Reserve Chairman Jerome Powell spoke at an event held by the Bank of International Settlements today. He offered some brief thoughts on bitcoin and crypto-assets generally:
cryptoassets - they're highly volatile - see bitcoin - and therefore not really useful as a store of value, and they're not backed by anything. They're more of an asset for speculation. So they're also not particularly in use as a means of payment; it's more a speculative asset that's essentially a substitute for gold rather than for the dollar. And I think with cryptoassets, the public needs to understand the risks. The principle thing is, there's the volatility, there's also the outsized energy requirements for mining, and the fact that they're not backed by anything.
Chairman Powell's remarks echo previous statements made in 2019 where he described bitcoin as a gold-like "speculative store of value".
tldr