Jerome Powell, Federal Reserve Chairman presents his testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency hoping for an era where multiple currencies are being used in the United States, returns.
“The size of Facebook’s network means it could be, essentially, immediately systemically important.”
While he did raise “a lot of serious concerns,” in regards to digital currencies such as privacy, money laundering, consumer protection, and financial stability, he also spoke favorably about other cryptocurrencies. Check out the video below:
He stated on thursday afternoon:
“Almost no one uses bitcoin for payments, they use it more as an alternative to gold. It’s a speculative store of value.”
In the past, Powell has expressed that t the United States should not return to the gold standard. His words were twisted by some and referred it to mean “drop gold, buy bitcoin.”
How far we've come. The Chairman of the Federal Reserve just compared bitcoin to gold
Folks, it's happeninghttps://t.co/onVmTj4hUk
— Barry Silbert (@barrysilbert) July 11, 2019
Image Source – Pixabay.com
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