Fed Chair Jerome Powell on crypto: It’s a speculative asset that’s a substitute for gold

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  • CNBC Television published this video item, entitled “Fed Chair Jerome Powell on crypto: It’s a speculative asset that’s a substitute for gold” – below is their description.

    Federal Reserve Chairman Jerome Powell said Monday that cryptocurrencies remain an unstable store of value and the central bank is no hurry to introduce a competitor. “They’re highly volatile and therefore not really useful stores of value and they’re not backed by anything,” Powell said during a virtual panel discussion on digital banking hosted by the Bank for International Settlements. “It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar.”

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