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Fed Chair Suggests Bitcoin Is Gold’s Biggest Competition

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Francois Aure
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Jerome Powell said bitcoin is used as an alternative to gold and is a store of value. It's a coup for advocates of the biggest cryptocurrency. | Source: REUTERS / Jonathan Ernst
Jerome Powell said bitcoin is used as an alternative to gold and is a store of value. It's a coup for advocates of the biggest cryptocurrency. | Source: REUTERS / Jonathan Ernst

In a remarkable admission during his testimony to Congress, Federal Reserve Chair Jerome Powell admitted that bitcoin is used as an alternative to gold, conceding that BTC is a store of value. He said before the Senate:

“Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really. It’s a store of value; it’s a speculative store of value like gold.”

Bitcoin: “The Virus Is Spreading”

There is clearly huge significance to the world’s most important central bank labeling bitcoin as a store of value after huge corporations have said the opposite. Plenty of people in the cryptocurrency world took to Twitter to celebrate. Morgan Creek Digital’s Anthony Pompliano was the most high profile, writing a triumphant ode to Powell’s nod to BTC.

Peter Schiff Slams Powell’s Bitcoin/Gold Comparison

On the opposite side of things, notable gold bull Peter Schiff had some strong words for Jerome Powell. Criticizing the Fed Chair, he likened the validation of bitcoin by such a prominent individual to the financial crisis of 2008.

Read the full story on CCN.com.