Topic: [2017-11-03] Jerome Powell: Good News for Cryptocurrency? (Read 4107 times)
I don't think Jerome Powell will influence anything so far, not even becoming the top boss. Bitcoin will remain as it is in the USA. Remember when Donald Trump becomes President and he surrounded himself of so called bitcoin friendly advisers. And there is a lot of speculation as what will bitcoin going to turn out in the US. However, we didn't even see any significant thing that happened. So even if Mr. Powell will took over the Fed Chairmanship, there will be affect on how bitcoin is being operated in the US. Though this news is very welcoming indeed, but I haven't see any impact on bitcoin ecosystem.
Another kind of money , who hava a high value now.
This is good news coming from a fed Chairman. Though he is not taking a stand as he is still neutral on both sides but then time will come he should decide as to whose side he will be taking either regulating cryptocurrency or banning it. Banning it would definitely have a bloodbath to the price whereas regulating it can attract more investors as they can feel to be secured and be protected by the law and in effect make its price shoot up. Cryptocurrency is slowly getting bigger in terms of its users and market capitalization so sooner or later he should act upon it.
I don't think that someone can affect bitcoin's price because of their personal statement, bitcoin experienced it several times but still the price went higher after those statements. Once a public figure talked about bitcoin it will get the attention of people who don't know the coin which will result to bitcoin being more popular.
Regulating the coin might be impossible it will just be the same as banning the coin completely, most bitcoin's users are enjoying the coin because of the fact that it is decentralized with the thought of government not influencing it.
The worst that he can do to stop the coin is to put a ban on it's mining.
Regulating the coin might be impossible it will just be the same as banning the coin completely, most bitcoin's users are enjoying the coin because of the fact that it is decentralized with the thought of government not influencing it.
The worst that he can do to stop the coin is to put a ban on it's mining.
While there are good points, I see the other side of it as well:
1) How can they regulate cryptocurrencies when they cannot even EFFECTIVELY regulate child pornography, prostitution, money laundering, and piracy, among others?
2) How can they make sure that the ends meet when there is yet any mechanism to ensure that all things equal are properly regulated?
I see the effort of the US government to ensure they still control economy but there should be explicit and implicit ways that need be discussed. We shall see in the next few days what they have done to address this pressing issue.
1) How can they regulate cryptocurrencies when they cannot even EFFECTIVELY regulate child pornography, prostitution, money laundering, and piracy, among others?
2) How can they make sure that the ends meet when there is yet any mechanism to ensure that all things equal are properly regulated?
I see the effort of the US government to ensure they still control economy but there should be explicit and implicit ways that need be discussed. We shall see in the next few days what they have done to address this pressing issue.
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Donald Trump is scheduled to announce Jerome Powell as the new Fed Chairman. His thoughts on Bitcoin and Cryptocurrency. Some have called him a bitcoin skeptic, but from watching and listening to him, I just don’t see it.
I would say he is neither pro bitcoin, but more importantly, he is also not against it either. And that is the big one!
Here was his quote on the topic: “Nothing against bitcoin, nothing against you know, private currencies.… We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but we’re not broadly opposed or supportive of alternative currencies. I think from a Fed standpoint, I would say I am very cautious on the idea of a Fed digital currency. That’s something central banks are generally looking at, but I would say my approach to that would be very, very cautious.”
A few very important takeaways from his statement…#1 – He is not a fan of state backed cryptocurrencies. That is huge news at a time when several other large countries are working on exactly that.
#2 – He seems to be looking at regulating bitcoin/cryptocurrencies as opposed to banning them. Again, this is also big news as well in a time when many others are going the banning route.
The most important point in all of this wasn’t actually mentioned in that quote above but was mentioned by him in a previous speech. It has to do with WHY he said he didn’t like the idea of a state backed crypto…
According to Powell, he doesn’t like the idea of a state backed crypto because he feels like it will hamper technological innovation. Say what? You mean someone actually gets it?!
Read more here...
I would say he is neither pro bitcoin, but more importantly, he is also not against it either. And that is the big one!
Here was his quote on the topic: “Nothing against bitcoin, nothing against you know, private currencies.… We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but we’re not broadly opposed or supportive of alternative currencies. I think from a Fed standpoint, I would say I am very cautious on the idea of a Fed digital currency. That’s something central banks are generally looking at, but I would say my approach to that would be very, very cautious.”
A few very important takeaways from his statement…#1 – He is not a fan of state backed cryptocurrencies. That is huge news at a time when several other large countries are working on exactly that.
#2 – He seems to be looking at regulating bitcoin/cryptocurrencies as opposed to banning them. Again, this is also big news as well in a time when many others are going the banning route.
The most important point in all of this wasn’t actually mentioned in that quote above but was mentioned by him in a previous speech. It has to do with WHY he said he didn’t like the idea of a state backed crypto…
According to Powell, he doesn’t like the idea of a state backed crypto because he feels like it will hamper technological innovation. Say what? You mean someone actually gets it?!
Read more here...
Many are saying that the Fed Chairman position is actually the second most powerful one just below POTUS. This can be the reason why any comment or pronouncement from the Chair can have repercussions all over the financial markets everywhere in the world. I have read some comments expressing some concerns about Mr. Powell but according to the article above we have nothing to worry about as the man has show some good grasp about cryptocurrency and most likely he can never be the enemy of Bitcoin but at the same time we should not be expecting a walk-in-the-park treatment as well.
What is your opinion on Mr. Powell as the coming Fed Chairman?
Well, great news indeed! However, I do not find it in congruent with the goals of Bitcoins that it be regulated by States or governments. I think it will greatly lose its value should it be regulated because in that sense, it will be like banks that are kind of State-controlled since the latters' business is imbued with public interest and public trust. Otherwise stated, it will lose the edge it once had, i.e., for people to effectively control their money and earning through it all the same and even bigger than that of investing money on banks.
Quote
Donald Trump is scheduled to announce Jerome Powell as the new Fed Chairman. His thoughts on Bitcoin and Cryptocurrency. Some have called him a bitcoin skeptic, but from watching and listening to him, I just don’t see it.
I would say he is neither pro bitcoin, but more importantly, he is also not against it either. And that is the big one!
Here was his quote on the topic: “Nothing against bitcoin, nothing against you know, private currencies.… We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but we’re not broadly opposed or supportive of alternative currencies. I think from a Fed standpoint, I would say I am very cautious on the idea of a Fed digital currency. That’s something central banks are generally looking at, but I would say my approach to that would be very, very cautious.”
A few very important takeaways from his statement…#1 – He is not a fan of state backed cryptocurrencies. That is huge news at a time when several other large countries are working on exactly that.
#2 – He seems to be looking at regulating bitcoin/cryptocurrencies as opposed to banning them. Again, this is also big news as well in a time when many others are going the banning route.
The most important point in all of this wasn’t actually mentioned in that quote above but was mentioned by him in a previous speech. It has to do with WHY he said he didn’t like the idea of a state backed crypto…
According to Powell, he doesn’t like the idea of a state backed crypto because he feels like it will hamper technological innovation. Say what? You mean someone actually gets it?!
Read more here...
I would say he is neither pro bitcoin, but more importantly, he is also not against it either. And that is the big one!
Here was his quote on the topic: “Nothing against bitcoin, nothing against you know, private currencies.… We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but we’re not broadly opposed or supportive of alternative currencies. I think from a Fed standpoint, I would say I am very cautious on the idea of a Fed digital currency. That’s something central banks are generally looking at, but I would say my approach to that would be very, very cautious.”
A few very important takeaways from his statement…#1 – He is not a fan of state backed cryptocurrencies. That is huge news at a time when several other large countries are working on exactly that.
#2 – He seems to be looking at regulating bitcoin/cryptocurrencies as opposed to banning them. Again, this is also big news as well in a time when many others are going the banning route.
The most important point in all of this wasn’t actually mentioned in that quote above but was mentioned by him in a previous speech. It has to do with WHY he said he didn’t like the idea of a state backed crypto…
According to Powell, he doesn’t like the idea of a state backed crypto because he feels like it will hamper technological innovation. Say what? You mean someone actually gets it?!
Read more here...
Many are saying that the Fed Chairman position is actually the second most powerful one just below POTUS. This can be the reason why any comment or pronouncement from the Chair can have repercussions all over the financial markets everywhere in the world. I have read some comments expressing some concerns about Mr. Powell but according to the article above we have nothing to worry about as the man has show some good grasp about cryptocurrency and most likely he can never be the enemy of Bitcoin but at the same time we should not be expecting a walk-in-the-park treatment as well.
What is your opinion on Mr. Powell as the coming Fed Chairman?
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