Jerome Powell's statement behind Bitcoin & # 39; s 4% surge
by Zain Raza –
11:55 p.m. February 14, 2020
Federal Reserve chairman Jerome Powell recently gave a testimony about cryptocurrency, causing BTC / USD to soar 4% to $ 10,200. Right after the congressman Bill FosterBitcoin shared its concern that they are having trouble keeping pace with China's digital dreams and went off the roof.China has consistently made it clear that it wants to be a dominant force in the digital space and is well on the way to adopting a centralized digital currency, the digital yuan. Bill Foster's stressful concerns stem from the fact that the Beijing plan can pose a serious threat to the long-standing US dollar status as a global reserve currency.Bitcoin investors are not bitter about it, and in fact they wallow in the thought that it could be a good thing. This is mainly due to the fact that BTC / USD went up to heaven after Powell's admission that the federal association would continue to work on the development of the blockchain.The market reaction of the cryptocurrency to the confessions was impressive, and at the time of writing, everything was sunshine and rainbow. Still, Jerome Powell outlined his stance that concerns about the privacy of the digital dollar have not subsided. He added-"The idea of keeping a ledger that records all payments is not particularly attractive in the United States. This is not a problem in China.
The scale called for immediate attention, according to Jerome Powell
Facebook's Libra was the most controversial project in the lot. Powell claims that she "really lit a fire" and was a big wake up Call for the bank as a scales could be a widely used system. When someone like Jerome Powell tells the industry that cryptocurrencies can influence or even take over the dollar, it doesn't really matter to many people that Bitcoin is going north.Powell admitted, however, that a digital dollar is not in sight for at least the next five years, as this is not an hour's necessity.
About the author
Zain RazaZain is an avid Bitcoin fan and has meticulously covered the field for quite some time. A lover of Spider Man, Liverpool and Slim Shady.
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