Bitcoin’s Volatility Stands In The Way Of It Replacing Cash, Suggests Fed Chairman

Bitcoin’s Volatility Stands In The Way Of It Replacing Cash, Suggests Fed Chairman

Bitcoin has been gaining immense traction, which has led to speculations about the king coin even replacing the dollar. However, a few officials were against this narrative. The Chairman of the United States Federal Reserve, Jerome Powell was one among them.

With its price surging over a high of $60K, Bitcoin [BTC] caught the attention of several individuals as well as institutional investors across the globe. This further elevated the presence of Bitcoin and even put the king coin on a pedestal. Addressing the emergence of Bitcoin, Chairman Powell, spoke at a Bank of International Settlements event.

Bitcoin [BTC] Could Be A “Substitute For Gold”

The Fed Chairman went on to point out the possible shakeup in the financial stability post the emergence of cryptocurrencies. The volatile nature of crypto has been a grave concern for several. Powell also suggested that the king coin could be a “substitute for gold” as opposed to a replacement of the dollar. He added,

“Crypto-assets — we call them ‘crypto assets’ — they’re highly volatile — see Bitcoin — and therefore not really useful as a store of value, and they’re not backed by anything. […..] They’re more of an asset for speculation, so they’re not particularly in use as a means of payment. It’s more a speculative asset. It’s essentially a substitute for gold rather than for the dollar.”

Bitcoin during the time of writing was trading for $56,788 with a 3.06% surge in the last 24-hours. Even though the asset had fallen since its recent all-time high of $61K, the demand for the king coin was intact.

Its no doubt that BTC and an array of other currencies are on a surge in terms of popularity. The king coin has been time and again touted as a store of value asset as opposed to a payment method. The volatile nature of the asset once again seemed to have posed a great problem.

Published at Thu, 25 Mar 2021 01:27:44 +0000

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