Jerome Powell Says Bitcoin Is Competing With Gold, Not the Dollar

Speaking at the New York Times DealBook Summit, Powell criticized Bitcoin’s volatility and its limited use in everyday transactions. “People aren’t using it as a form of payment or as a reliable store of value. It’s not a competitor to the dollar—it’s more of a competitor to gold,” he remarked.

During the discussion, Powell underscored the Federal Reserve’s commitment to protecting the banking system from potential risks posed by cryptocurrencies. “We regulate and oversee banks, and it’s critical that the interactions between crypto businesses and the banking sector do not compromise financial stability,” he said, emphasizing the importance of consumer protection to ensure buyers are aware of crypto-related risks.

Powell’s comments come as Bitcoin edges closer to the $100,000 mark, trading at $97,188, up 2% on the day. 

Source: BNC Bitcoin Liquid Index

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