Cryptocurrency is Part of the Global Currency War, Says Federal Reserve Branch Head

Cryptocurrency has found itself on the center stage of the global political sphere over the past several weeks, which first began when Fed Chair Jerome Powell compared Bitcoin to gold. Shortly after this, US President Donald Trump shared his thoughts on BTC, which sparked what appears to be a regulatory crackdown on the nascent markets.

Now, the President of the St. Louis Federal Reserve is noting that cryptocurrencies are the newest entrants to the ongoing global currency competition, which means that, in his view, crypto is increasingly becoming a competitor to fiat currencies like the US Dollar.

Cryptocurrency Can and Is Competing with Fiat Currency, Claims St. Louis Fed President 

Many cryptocurrency advocates have long claimed that the decentralized aspects of Bitcoin are what make it a better alternative to the US Dollar and other fiat currencies, but as of late it has become unclear as to whether or not Bitcoin is like a “Dollar 2.0”, or more like a “gold…