{"id":39408,"date":"2021-03-23T14:22:33","date_gmt":"2021-03-23T12:22:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39408"},"modified":"2025-08-30T09:25:15","modified_gmt":"2025-08-30T06:25:15","slug":"fed-chair-jerome-powell-bitcoin-could-replace-gold-but-not-the-us-dollar","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-chair-jerome-powell-bitcoin-could-replace-gold-but-not-the-us-dollar\/","title":{"rendered":"Fed chair Jerome Powell: Bitcoin could replace gold, but not the US dollar"},"content":{"rendered":"<p>The head of the Federal Reserve (Fed), Jerome Powell, questioned Bitcoin&#8217;s suitability as a store of value and as a means of payment.<\/p>\n<p><!--more--><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/IPSa_i8kpO0?start=8\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><br \/>\nDuring remarks at the BIS virtual summit, Powell noted the high volatility of digital assets, which purportedly render them useless as stores of value.<\/p>\n<blockquote>\n<p>&#8220;They are not backed by anything and are used more for speculation, so not particularly popular as a means of payment. Crypto assets are more likely to replace gold than the dollar,&#8221; Powell said.<\/p>\n<\/blockquote>\n<p>In October 2020, the head of the Fed said that for the United States it is more important to <a href=\"https:\/\/u1f987.com\/en\/news\/fed-chair-for-the-united-states-getting-the-digital-currency-right-matters-more-than-being-first\">correctly<\/a> issue a central bank digital currency (CBDC) than to be first in the world.<\/p>\n<p>In January 2021, Powell <a href=\"https:\/\/u1f987.com\/en\/news\/jerome-powell-says-regulating-stablecoins-is-a-fed-priority\">cited the regulation of stablecoins as more important than issuing a digital US dollar<\/a>. According to him, American authorities do not seek to be the first in the world to issue a CBDC, because they have already pioneered by creating the world&#8217;s reserve currency.<\/p>\n<p>In March, Powell noted that <a href=\"https:\/\/u1f987.com\/en\/news\/jerome-powell-cbdcs-will-not-replace-fiat\">the digital dollar will not replace fiat money<\/a>, but will coexist with them.<\/p>\n<p>Earlier, Fed staff and MIT were to complete work on a CBDC prototype <a href=\"https:\/\/u1f987.com\/en\/news\/fed-and-mit-to-unveil-digital-dollar-prototype-by-july\">by July 2021<\/a>.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fed Chair Jerome Powell questioned Bitcoin&#8217;s suitability as a store of value and a means of payment.<\/p>\n","protected":false},"author":1,"featured_media":39409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1249,1440,1138,27],"class_list":["post-39408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-federal-reserve-system","tag-jerome-powell","tag-opinions","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"62","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39408"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39408\/revisions"}],"predecessor-version":[{"id":39410,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39408\/revisions\/39410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39409"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}