RATE Group | Bitcoin Price Soars as Jerome Powell Confirms Crypto’s Threat To U.S. Dollar
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Bitcoin Price Soars as Jerome Powell Confirms Crypto’s Threat To U.S. Dollar

11 Feb Bitcoin Price Soars as Jerome Powell Confirms Crypto’s Threat To U.S. Dollar

Posted at 20:28h in Cryptocurrency News by

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  • The price of bitcoin jumped on Tuesday after Jerome Powell stressed that the Fed is investing a significant amount into digital currency developments.
  • Adding fuel to the fire, Powell also acknowledged how quickly crypto could become a systemic risk to the USD.
  • China’s “Belt and Road” initiative is expected to roll out a digital currency very soon, and the Fed Char was clear that the U.S. was doing its best to keep pace.

An otherwise dull testimony from Federal Reserve Chairman Jerome Powell got very interesting for bitcoin, as BTC/USD spiked 4% to $10,200.

Cryptocurrency markets soared after Congressman Bill Foster raised concerns about the need to keep pace with China’s digital currency ambitions to which Powell responded that the Fed has a “lot of projects” underway.

Bitcoin Surges After Powell Acknowledges Fed Is Working Hard On Crypto

It is well documented that China has tremendous ambitions in the realm of digital currency. Congressman…

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