Bitcoin is 'more a substitute for gold than the dollar' — Fed Chair Powell

[newshunter]

Bitcoin is 'more a substitute for gold than the dollar' — Fed Chair Powell

Jerome Powell reiterates his opinion about Bitcoin as a gold substitute, but a sell-off accompanies his other criticisms.

Source: Bitcoin is 'more a substitute for gold than the dollar' — Fed Chair Powell

Would appreciate your opinion about this

[Bobcrypto]

I think Powell statement on bitcoin is correct, and bitcoin is also more profitable than gold even if it is volatile. I will preferred bitcoin over gold whether on the long or short run. A quick remainder to any person interested to know that bitcoin has just 10years but had hit superlative marketcap of around $1.2T, a situation that known other assets, stocks, others has archives. I think bitcoin can be better than any kind of substitute, gold, dallar, or fiats in my opinion.

[TomPluz]

This is already a big recognition from someone who is really a high-ranking personality of the governmental financial system. So Powell is now clearly understanding that Bitcoin is the digital version of gold and therefore it must be so valuable and maybe is really here to stay. As to the dollar, Bitcoin is not yet its substitute...that is for now. We don't have to push that far because admittedly Bitcoin is more of a store of value rather than a currency all because most are using this as a speculative tool and only a few are using it as everyday money. Well, in the future that can be changing though.

[Senin]

This is already a big recognition from someone who is really a high-ranking personality of the governmental financial system. So Powell is now clearly understanding that Bitcoin is the digital version of gold and therefore it must be so valuable and maybe is really here to stay. As to the dollar, Bitcoin is not yet its substitute...that is for now. We don't have to push that far because admittedly Bitcoin is more of a store of value rather than a currency all because most are using this as a speculative tool and only a few are using it as everyday money. Well, in the future that can be changing though.

So far, it is highly unlikely that bitcoin will be widely used as a means of payment in the future. Almost all of it is now used as a speculative tool. The price for it is growing and therefore bitcoin holders have no incentive to buy something for it. Of course, the situation may change in a few years. This will largely depend on the position of states towards bitcoin and cryptocurrency in general.
However, bitcoin is developing very poorly, and altcoins are developing very quickly.

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