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Fed to Release Report in September Addressing Cryptocurrencies and Stablecoins, Says Jerome Powell

The Chairman of the Federal Reserve of the United States, Jerome Powell, said today that the country is working on a publisher’s report on digital currencies. The Fed Chair said that the incoming report would focus on digital payments “broadly.” Per his words, this also includes stablecoins, crypto-assets, and central bank digital currencies (CBDCs). We’re going to address digital payments broadly. It means stablecoins, it means crypto-assets, it means a CBDC. That whole...

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Fed Chairman Jerome Powell Met With Leaders of Coinbase, Digital Dollar Project

Coinbase executives continue to move among the big names in the financial landscape. This month, it was the turn of none other than U.S. Federal Reserve Chairman Jerome Powell. According to Powell’s working schedule for May, the head of the Fed had a face-to-face meeting with the head of the cryptocurrency exchange Coinbase Global Inc. on May 11. Paul Ryan, a former Speaker of the U.S. House of Representatives, was also invited to the event. The meeting lasted half an hour,...

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The Rise of Crypto Poses Important Questions for Central Banks: NY Fed President

New York Federal Reserve Bank President – John Williams – opined that the rapid development of virtual assets challenges the central banks’ desire to launch their own CBDCs. He advised policymakers to consider how cryptocurrencies would work efficiently alongside physical cash. Crypto Raises Questions for Central Banks John Williams – the president and CEO of the Federal Reserve Bank of New York – reacted to the recent presentation of the former Bank of England governor Mark...

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Precious Metals Executive: Crypto Will Cause a New Financial Crisis

Brett Heath – precious metal company Metalla Royalty & Streaming CEO – opined that crypto ”will lead the charge in the next financial crisis.” Furthermore, he compared the industry to the tech crash of the early 2000s alongside the mortgage collapse in 2008. Crypto Will Cause The Next Crash The head of Metalla Royalty & Streaming warned in an interview for the financial newspaper Kitco News that global cryptocurrency adoption will have a damaging impact on the...

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Most Cryptocurrencies Are ‘Worthless’: St. Louis Federal Reserve President

James Bullard – the President of the Federal Reserve Bank of St. Louis – advised that investors should be extra cautious when investing in digital assets. The US banker went further, labeling most of them as ”worthless.” Nonetheless, he revealed that the Fed is looking into launching its own digital coins. Most of The Assets Are Useless In a recent interview with Yahoo Finance, James Bullard – CEO and President of the Federal Reserve Bank of St. Louis – shared his thoughts...

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The Chinese CBDC Would Not Work in the US, Said Fed Chair Jerome Powell

The Chairman of the Federal Reserve outlined that the US will not haste its own digital currency project despite China’s rapid advancements. He revealed that the CBDC approach undertaken by the Asian country will not be effective in the USA. China’s CBDC Won’t Work in the US With the rapidly expanding topic of central bank digital currencies (CBDCs) in countless countries, the world’s largest economy is yet to provide a definitive stance. Although the US dollar remains the...

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Jerome Powell Swipes at Bitcoin, Currency Falls

Bitcoin has taken a nasty hit in recent days. The world’s number one digital currency by market cap – which was previously trading in the $58,000 and $59,000 ranges – has stumbled backwards and is now trading for around $55,000. Earlier today, we published an article suggesting that the expiration of various bitcoin options was to blame, though there may have been another contributing factor. Jerome Powell – chair of the Federal Reserve – released an official statement...

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Bitcoin is a Substitute for Gold, Not the Dollar, Says Fed Chairman Powell

After dismissing bitcoin’s chances of challenging the US dollar as a medium of exchange, the Federal Reserve Chairman, Jerome Powell, said that the cryptocurrency could be a substitute for gold.He also doubled-down on Fed’s previous stance on potentially launching its own central bank digital currency (CBDC) by saying that there’s no need to rush it or be first on the market.Bitcoin Substitutes Gold, Not USDDuring an online conference held by the Bank of International Settlements (BIS),...

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Bitcoin More of a Gold Rival Than Actual Currency, Says St. Louis Fed President

Jim Bullard, President of the St. Louis Federal Reserve, has dismissed the value proposition of Bitcoin (BTC) based on some of the oft-quoted advantages claimed by BTC proponents.Speaking to CNBC on Tuesday, Bullard remarked that the Federal Reserve viewed Bitcoin as more of a rival to gold than an actual currency.According to Bullard, “For Fed policy, it is going to be a dollar economy and a dollar global economy as far as the eye can see.”For Bullard, the primacy of the U.S. dollar is not...

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Federal Reserve Plans to Limit Spending; Could This Hurt BTC?

Over the past several months, the Federal Reserve has been purchasing many leading assets as a means of keeping the U.S. economy somewhat stable during the coronavirus pandemic. This overspending and overprinting of traditional fiat money to ensure people have stimulus measures during the pandemic has caused many traders – both standard and institutional – to pile their money into commodities like bitcoin, which is no longer a speculative asset in many people’s minds.If the Federal Reserve...

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