- Fed Chair Jerome Powell admits Bitcoin is digital gold.
- He says BTC is a competitor for gold and not the dollar.
- BTC is expected to hit higher highs soon.
The crypto market is pleased to see that the Chairman of the Federal Reserve Board, Jerome Powell, is not anti-crypto. Powell tends to take on a very factual stance on what the crypto market and Bitcoin represent. To highlight, Fed Chair Jerome Powell admits Bitcoin is Digital Gold, this is a very bullish indicator for the price of Bitcoin (BTC), just when the asset is expected to hit higher highs soon.
Fed Chair Jerome Powell Admits Bitcoin is Digital Gold
The Federal Reserve Board is a globally recognized government body that functions in the United States of America. In detail, this governing body is a crucial part of the central banking system of the United States. Specifically, its primary mission is to control monetary policy to promote stable prices, sustainable economic growth, and full employment. It is also the entity that decides rate cuts.
In the crypto space, Jerome Powell, Chairman of the Federal Reserve Board, is a popular name as he determined whether the US will see rate cuts. He has announced rate cuts before, which often have led to a significant price increase across crypto prices at opportune crypto market moments. Analysts believe that Trump will push Powell into announcing rate cuts, which will significantly affect crypto prices.
Recently, the current President of the United States of America, Donald J. Trump, visited the Fed building that has been under construction for years. Trump expressed his lament over the fact that the building began construction when it shouldn’t have and is now unimpressed with its slow progress, as a real estate mogul. Still, he hopes to see the building reach completion as he receives a tour from Powell.
Even during this professional visit, Trump takes a job at Powell and mentions that he would appreciate a rate cut from the Federal Reserve Board, and hopes future discussions will lead to that possibility. Some reputed financial experts have stated before that Trump has repeatedly tried to push Powell into announcing rate cuts and that the tariff war was one such strategy. Yet, Powell hasn’t caved yet.
BTC Expected to Set Higher ATH Targets
On the bright side, Powell is not against Bitcoin or the crypto market, and seems a more reasonable chairperson than previous SEC Chair Gary Gensler. Gensler was on a war path to hinder blockchain innovation, a quest that was immediately thwarted when Trump took office and fulfilled his promise of firing Gensler. Perhaps Powell will make stronger pro-crypto moves with Trump at the lead.
As we can see from the post above, Powell admits to Bitcoin being Digital Gold. He clearly states in the video from the post that Bitcoin is like gold, rateh, it is digital gold. He says holders use Bitcoin as a speculative asset, but not like a store of value or a form of payment. He concludes that the volatile asset is not a competitor for the dollar but rather a competitor for gold.
