During the last meeting in the Banking Committee of the US Senate, the chairman of the US Federal Reserve System (FRS) Jerome Powell expressed his opinion on the first cryptocurrency. He called Bitcon a speculative means of accumulation and talked about its similarity with gold.
In particular, he acknowledged that the generally accepted global cryptocurrency could eliminate the need for reserve currencies, the main of which is the US dollar. Powell noted that the rejection of reserve currencies became an important issue at the very beginning of the emergence of cryptocurrency.
However, the lack of mass use of digital currencies as a means of payment showed the system’s inability to make such changes.
It is possible, but in reality we do not see mass adoption. Bitcoin is a good example. Almost no one uses it as a means of payment, it is a speculative means of accumulation, the Fed chairman emphasized.
Note that, quite recently, US President Donald Trump also expressed his opinion on cryptocurrencies.
On July 12, the current guarantor published a tweet in which he wrote that he did not consider digital currencies to be money, and the dollar would continue to remain the dominant world currency.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity wrote the president.