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Fed Chairman Jerome Powell Compares Bitcoin to Gold

Federal Reserve Chairman Jerome Powell said he could consider a return to a time when several currencies were being used in the United States.

In his testimony before the Senate Committee of Banks and Banks on Facebook's Libra cryptocurrency, he said: "The size of the Facebook network means that it could be of immediate systemic importance."

Although this initiative has given rise to "many serious concerns", including privacy, money laundering, consumer protection and financial stability, he has begun to speak favorably about other cryptocurrencies. .

"Hardly anyone uses Bitcoin for payments, they use it more as an alternative to gold," he said Thursday afternoon. "It's a speculative reserve of value."

Powell said in the past that the United States should not return to the gold standard. Some took the statement as referring to a call to "drop gold, buy bitcoin".

Disclosure: Silbert is head of DCG, owner of CoinDesk.

Image via Shutterstock.

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