Fed Chairman: Bitcoin is a Speculative Store of Value like Gold
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July 12, 2019
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The Head of the Federal Reserve of the U.S. Jerome Powell during his testimony before the U.S. Senate Banking Committee compared bitcoin (EXANTE: Bitcoin) to gold.

Powell was asked whether a crypto-based system can become prevalent throughout the globe and remove the need for a reserve currency.

"Things like that [global crypto adoption by governments] are possible, but we really haven't seen them, we haven't seen widespread adoption. Bitcoin is a good example. Really almost no one uses bitcoin for payments — they use it as an alternative to gold. It's a store of value, a speculative store of value, like gold," Powell said

Earlier iHodl reported that the President of the U.S. Donald Trump shared for the first time his opinion about bitcoin, Libra and other cryptocurrencies.

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