{"id":19211,"date":"2024-12-05T10:23:25","date_gmt":"2024-12-05T08:23:25","guid":{"rendered":"https:\/\/forklog.com\/en\/jerome-powell-compares-bitcoin-to-gold\/"},"modified":"2024-12-05T10:23:25","modified_gmt":"2024-12-05T08:23:25","slug":"jerome-powell-compares-bitcoin-to-gold","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/jerome-powell-compares-bitcoin-to-gold\/","title":{"rendered":"Jerome Powell Compares Bitcoin to Gold"},"content":{"rendered":"<p>The Chairman of the United States Federal Reserve, Jerome Powell, regards Bitcoin as a speculative asset, akin to gold. The official made this statement on November 4 at the DealBook summit.<\/p>\n<blockquote class=\"twitter-tweet\" data-media-max-width=\"560\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: ?? Fed Chair Jerome Powell says <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is a competitor to gold, not the US dollar. <a href=\"https:\/\/t.co\/YQHFiThTBo\">pic.twitter.com\/YQHFiThTBo<\/a><\/p>\n<p>\u2014 Bitcoin Magazine (@BitcoinMagazine) <a href=\"https:\/\/twitter.com\/BitcoinMagazine\/status\/1864389896489607410?ref_src=twsrc%5Etfw\">December 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cPeople use Bitcoin as a speculative asset, right? It&#8217;s like gold, only it&#8217;s virtual, digital,\u201d Powell noted.<\/p>\n<\/blockquote>\n<p>He added that the first cryptocurrency is not used for payments or savings due to its high volatility:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt\u2019s not a competitor to the dollar. It\u2019s actually a competitor to gold \u2014 that\u2019s how I see it.\u201d<\/p>\n<\/blockquote>\n<p>During the summit, the Fed Chair also told journalists that the central bank would prefer interactions between banks and crypto businesses not to pose threats to financial institutions.<\/p>\n<p>When asked if he holds cryptocurrencies, Powell responded negatively, citing official restrictions.<\/p>\n<p>The Federal Reserve lacks direct control over the industry; its influence on the market primarily stems from its decisions on the base interest rate for short-term loans between banks.<\/p>\n<p>In November, Bitcoin&#8217;s price fell to $87,000 following Powell&#8217;s statements on the inadvisability of easing monetary policy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chairman of the United States Federal Reserve, Jerome Powell, regards Bitcoin as a speculative asset, akin to gold. The official made this statement on November 4 at the DealBook summit. BREAKING: ?? Fed Chair Jerome Powell says #Bitcoin is a competitor to gold, not the US dollar. pic.twitter.com\/YQHFiThTBo \u2014 Bitcoin Magazine (@BitcoinMagazine) December 4, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1249,536,1440],"class_list":["post-19211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-federal-reserve-system","tag-gold","tag-jerome-powell"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19211"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19210"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}