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Fed’s Powell says bitcoin is more of a substitute for gold than the dollar

Fed’s Powell says bitcoin is more of a substitute for gold than the dollar



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  1. I mean… he’s not wrong – as long as employers, employees, consumers, and investors have to pay taxes and other fees in dollars, the dollar isn’t going anywhere. That doesn’t mean keeping your money in dollars long term is the best idea ever, but bitcoin won’t be replacing fiat any time soon.

  2. That’s not really true, because we don’t use gold to pay for stuff, while we can easily use bitcoin to pay for certain expenses. I agree that most people use bitcoin to store their value, but the utility is pretty much in between gold and dollar, but a little bit more to the dollar side in my opinion.

  3. tldr; US Federal Reserve Chairman Jerome Powell has said that Bitcoin is not really useful as a store of value as it is not backed by anything. “It is essentially a substitute for gold rather than the dollar,” he added. Powell further said that a global currency governed by the incentives of a private company is something that will receive the highest level of regulatory expectations.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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