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Powell calls cryptocurrencies ‘not really useful stores of value’ and says Fed will move slowly
Federal Reserve Chairman Jerome Powell said Monday that cryptocurrencies remain an unstable store of value and the central bank is no hurry to introduce a competitor. “They’re highly volatile and therefore not really useful stores of value and they’re not backed by anything,” Powell said during a virtual panel discussion on digital banking hosted by the Bank for International Settlements. “It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar.” Powell spoke on a day when bitcoin was down on Coinbase but still trading near $57,000 apiece. The cryptocurrency ... (full story)
