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Author: Admin | 2025-04-28
Follow Nikolaus On 𝕏 Here For Daily Posts Today, the Chairman of the Federal Reserve, Jerome Powell, said in an exclusive interview with CNBC that Bitcoin is in competition with gold, not the U.S. dollar.BREAKING: 🇺🇸 Fed Chair Jerome Powell says #Bitcoin is a competitor to gold, not the US dollar. pic.twitter.com/YQHFiThTBo— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024“People use bitcoin as a speculative asset — it’s like gold,” Powell said. “It’s just like gold, only it’s virtual, it’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It's not a competitor for the dollar, it's really a competitor for gold,” he added. While it sounds like he may have stumbled on his own words, saying no one uses bitcoin as a store of value when that is literally one of its most prominent use cases for it today, I agree with his overall position.As an American living in America, I do not feel that BTC is in competition with the U.S. dollar today. Myself, along with many other Bitcoiners I know, are trying to stockpile as much bitcoin as we can, using it as a store of value. When I do spend bitcoin, which I do every weekend when I buy beef at the farmers market) it’s not the bitcoin from my long term savings that I’m spending. I’m taking dollars from my bank account, buying bitcoin on Cash App, and directly sending that bitcoin to the farmer using
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