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Fed Chair Jerome Powell differentiated between regulating stablecoins and banning Bitcoin and other cryptocurrencies.

Fed Chair Jerome Powell differentiated between regulating stablecoins and banning Bitcoin and other cryptocurrencies.



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4 Comments

  1. I understand the spirit of his statements, he wants to make sure that “coins are backed by USD so that people can get their money back in a crisis”. Nothing wrong with this.
    But maybe he forgets that only a small fraction of all the USD out there are backed by actual cash (i read somewhere like 6% only, not sure if it’s correct).
    That means that if all people went to banks and wanted to cash out all their $$, 94% of them would go empty handed. Like it happened in Greece a couple of years ago.
    And that without considering that the USD itself is currently backed by….nothing.
    🤔

  2. His whole job is to be a face man for the Fed and help them split hairs. They live in a world of cognitive dissonance where they semi-believe they help, and semi-secretly know that they don’t.

What do you think?

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