FED Chairmain compares Bitcoin to Gold - page 4.

LeGaulois

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Quote from: jseverson on July 15, 2019, 04:51:51 AM

I personally don't think it's a big deal. He basically said that Bitcoin is a speculative store of value, and majority of its holders use it as such. He didn't paint it in a positive light at all, just that Bitcoin can perform gold's role (with no mention of its efficacy) in that respect.

I guess it's nice to have an age-old comparison being validated by someone in a position of power though.

At least I think it shows that people's attitudes (especially in the finance industry) are starting to change about Bitcoin's reputation, but also its use. Five years ago, the FED had a completely different speech about cryptocurrencies.

- 10 Years when they heard about a digital and decentralized currency, they were like this => Cheesy

- 5 Years ago when they heard Bitcoin start to be useful and popular, they were like this => Shocked

- 2019 they start to realize its potential to compete with centralized currencies, they're like this => Cry

cosmofly

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I think gold should only be compared to real estate. Because supply is increasingly rare and the demand for human consumption is growing day by day when they have a lot of cash. But for bitcoin, it seems that they are gradually unwilling to buy it. because the news of Bitcoin manipulation is increasing. the whales continually pump and dump the coins and make the investors there always bewildered.
That will be what makes people no longer trust bitcoin.

btc_angela

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Quote from: jseverson on July 15, 2019, 04:51:51 AM

I guess it's nice to have an age-old comparison being validated by someone in a position of power though.

This one. I mean FED admittedly that bitcoin is comparable to gold as a store of value is huge. I guess we didn't have that much publicity is because it's been overshadow by Trump's supposedly anti-bitcoin tweet. But this is a strong words coming from Powell and maybe we could see some repercussions later.

jseverson

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I personally don't think it's a big deal. He basically said that Bitcoin is a speculative store of value, and majority of its holders use it as such. He didn't paint it in a positive light at all, just that Bitcoin can perform gold's role (with no mention of its efficacy) in that respect.

I guess it's nice to have an age-old comparison being validated by someone in a position of power though.

pereira4

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I was surprised that I didn't see much coverage on this. This is pretty big, the guy running the FED at least officially basically knows what's up: That Bitcoin is being used a a store of value/speculation, and that it's competition for gold.

https://www.youtube.com/watch?time_continue=1&v=jBUlXryF2WI

He also admitted that US as world reserve currency may not last forever...

Topic: FED Chairmain compares Bitcoin to Gold - page 4. (Read 769 times)