Jerome Powell has dismissed speculation that the Fed might be involved in creating a national Bitcoin reserve, stressing that current regulations do not allow the US central bank to own the world’s largest cryptocurrency. (https://azc.news/bitcoin-continues-to-plunge-following-feds-statement-id31070/)
I'm not sure if Powell will be the face, but it just shows that the FED doesn't like Bitcoin simply as that. And will used all it's power not to let it be a strategic national reserved in the US despite Trump's statement.This is serious, I don’t know why Powell sees to banned bitcoin but what will be the case now will bitcoin be acceptable in US after Trump resumes is office. This is really a very serious case. And bitcoin have been pumping so good after the support of Trump but will this scenario continue this way. This will really affect the market and the bull run will likely to run down.
So let's see how it goes for next year after Trump assumes office. There could be some conflict between the two and again, I'm not a US citizen so I don't know what is the take here. Maybe US Congress can approved law to make it officially?
I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?Whether he will be the face or not, that does not matter. The thing that matters is those who knew BTC couldn't be owned by FED under law must have seen this coming. I mean, the information was literally available on the internet and in some books too (not directly). That's why it is said that knowledge is power, so those who would have this knowledge must have sold before and taken entries back because they know just like you said, the rules can be changed.
I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?Whether he will be the face or not, that does not matter. The thing that matters is those who knew BTC couldn't be owned by FED under law must have seen this coming. I mean, the information was literally available on the internet and in some books too (not directly). That's why it is said that knowledge is power, so those who would have this knowledge must have sold before and taken entries back because they know just like you said, the rules can be changed.
TBH I did not listen to him live I was busy but I was just speculating the market my mistake I should have listen to him. Still it is not that bad news, in 24 hours there is another decision pending to made by Trump (i suppose) for debt cases (something like that) means we need just another catalyst to pump the market back and we will be back on track.
I'm not sure if Powell will be the face, but it just shows that the FED doesn't like Bitcoin simply as that. And will used all it's power not to let it be a strategic national reserved in the US despite Trump's statement.This is serious, I don’t know why Powell sees to banned bitcoin but what will be the case now will bitcoin be acceptable in US after Trump resumes is office. This is really a very serious case. And bitcoin have been pumping so good after the support of Trump but will this scenario continue this way. This will really affect the market and the bull run will likely to run down.
So let's see how it goes for next year after Trump assumes office. There could be some conflict between the two and again, I'm not a US citizen so I don't know what is the take here. Maybe US Congress can approved law to make it officially?
But why the sudden banned, many US citizens will be very upset and uncomfortable with the decision Powell brought, this is very disappointing. What will Trump do when he resumes his sit will he take action or will he be sitting down and watching?
So let's see how it goes for next year after Trump assumes office. There could be some conflict between the two and again, I'm not a US citizen so I don't know what is the take here. Maybe US Congress can approved law to make it officially?some may think that the president is the most powerful entity in the government particularly the us's but fed actually can stand on its own and its agreement to the president's policies is crucial i do not know if the congress will change the law for this but the best easiest scenario is if trump and the fed creates some kind of deal and they meet each other in the middle but i am not that worried since a lot of politicians in position next year are pro crypto
I'm not sure if Powell will be the face, but it just shows that the FED doesn't like Bitcoin simply as that. And will used all it's power not to let it be a strategic national reserved in the US despite Trump's statement.This is serious, I don’t know why Powell sees to banned bitcoin but what will be the case now will bitcoin be acceptable in US after Trump resumes is office. This is really a very serious case. And bitcoin have been pumping so good after the support of Trump but will this scenario continue this way. This will really affect the market and the bull run will likely to run down.
So let's see how it goes for next year after Trump assumes office. There could be some conflict between the two and again, I'm not a US citizen so I don't know what is the take here. Maybe US Congress can approved law to make it officially?
Let's say we understand where is he coming from, he is the FED chairman. But he could also be replace by Trump next year once he sits on the White House. So still there could be chance that we might see Bitcoin as reserve when Trump becomes the President.But why the sudden banned, many US citizens will be very upset and uncomfortable with the decision Powell brought, this is very disappointing. What will Trump do when he resumes his sit will he take action or will he be sitting down and watching?
It's their job, Bitcoin for them is a very volatile asset and can't be considered as reserve like Gold or even USD. So there could be power struggle between the FED chairmanship and Trump himself.
It sounds like this is the reason for the new dump of the market already. If the next announcing is banning of BTC or government coercing people to sell their BTC to the government, this is history repeating itself during 1920 recession.this sounds very conflicting trump has been hyping up bitcoin and telling everyone about his plans making it one of the biggest plans of his during his election campaign from what i know it is really part of the law that fed can’t have bitcoin but if trump were actually serious about his plans on bitcoin he wouldnt ban it and would instead use it for the betterment of the country i am expecting him to find a way around this fed issue i am not too worried
I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?I don't think he's anti but he may be afraid of how things would turn up once bitcoin becomes part of the Federal reserves. He seems like a man who prefers stability over policy changes. He probably prefers Gold but he also acknowledges that bitcoin is a competitor of the said asset.
It sounds like this is the reason for the new dump of the market already. If the next announcing is banning of BTC or government coercing people to sell their BTC to the government, this is history repeating itself during 1920 recession.this sounds very conflicting trump has been hyping up bitcoin and telling everyone about his plans making it one of the biggest plans of his during his election campaign from what i know it is really part of the law that fed can’t have bitcoin but if trump were actually serious about his plans on bitcoin he wouldnt ban it and would instead use it for the betterment of the country i am expecting him to find a way around this fed issue i am not too worried
This is just if Trump hasn't inaugurated. Upon watching what has been on the news, the confusion of people in US about the government. FED can decide something like no ownership of BTC while Trump says something against It. Some political analyst says Trump may not be able to sit in the office, his enemies are doing everything for him to fail whenever he does sit in the office.Well, it seems we have a slight misunderstanding here. Currently, Trump plan is to include BTC in the US reserves, and this asset will be held by the Treasury Department. The FED has never held assets like gold or BTC and they have no plans to hold BTC. The reporter who asked the question could be an insider working for whales to create FUD in the market and suppress BTC price by causing investors to misunderstand and doubt Trump statements.
FED not cutting rates in 2025 may mean sideways movement of BTC price or it probably down trend because No rate cuts is likely interpreted as increasing rates.
I'm not sure if Powell will be the face, but it just shows that the FED doesn't like Bitcoin simply as that. And will used all it's power not to let it be a strategic national reserved in the US despite Trump's statement.
So let's see how it goes for next year after Trump assumes office. There could be some conflict between the two and again, I'm not a US citizen so I don't know what is the take here. Maybe US Congress can approved law to make it officially?
---Well, you just said that the FED isn't allowed to own Bitcoin, so I don't think that Powell will be the new face of anti-Bitcoin, but he's just doing what's right hence, he said no to Bitcoin.
According to the law, the FED is not allowed to own Bitcoin (BTC) under the Federal Reserve Act. Of course, Congress can change law if it can be able to muster the necessary support needed. Another idea that others are looking into is for the Treasury of USA getting into Bitcoin so there is no need for the involvement of FED, in the first place.
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I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?
I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?
I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?
If Trump wants it, he will have his way because he has people in Congress that can change that law.
we all know Trump always gets his way so this is going to be interesting if he will challenge Powell and request his people to change the law.
I have this feeling after seeing the power of the cryptocurrency community that he will try to accomplish a lot of things for the betterment of the community.
Every move by Trump will be watched by the community, and we all hope it is for the betterment of adoption of cryptocurrency.