RATE Group | Fed Chair Powell just called bitcoin a ‘speculative store of value’ like gold — adding w…
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Fed Chair Powell just called bitcoin a ‘speculative store of value’ like gold — adding w…

14 Jul Fed Chair Powell just called bitcoin a ‘speculative store of value’ like gold — adding w…

Posted at 19:07h in Cryptocurrency News by

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Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Reuters

  • The Federal Reserve’s chairman, Jerome Powell, just described bitcoin as a “speculative store of value” like the way gold is used.
  • It’s a win for proponents of the theory that the US trade war has spurred investors to buy bitcoin as a way to diversify their portfolios.
  • Later on Thursday, President Donald Trump slammed bitcoin and other cryptocurrencies, saying they should be “subject to all banking regulations.”
  • Click here for more Markets Insider stories.

Federal Reserve Chairman Jerome Powell has waded into the debate about bitcoin’s role in the global financial system, adding weight to the theory that it’s a safe-haven option for investors.

When answering questions before the US Senate banking committee on Thursday, Powell was asked: “If a cryptocurrency system became prevalent throughout the globe, would that diminish or remove the need for a reserve currency?”

Powell replied: “Things like that are possible, but we really haven’t seen them, we haven’t seen…

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