“Almost no one is using bitcoin for payments”
And how do you know that Mr. Chairman?
So Powell browses Reddit and reads that there is somekind of consensus about the value of btc among holders, namely that it’s a store of value, and then repeats the same in front of congress.
#”… it’s a store of value, it’s a speculative store of value, like gold.”
Can I make this any bigger?
How many tokens has gold?
he says it like he doesn’t care. Isn’t he the head of the FED?
Yeah and here’s the thing:
I haven’t, nor do I know of anybody, who actively invests in gold. And yet I can name five people off of the top of my head who invest regularly in bitcoin.
I expect the market cap of bitcoin to surpass gold within the next five years.
We’ll, that’s a realistic statement from this man.
there’s [another interesting clip](https://www.reddit.com/r/BitcoinUSA/comments/cbyeul/fed_chair_jerome_powell_on_libra_and_crypto_july/) from the same hearing with Powell talking about Libra, and the dollars world reserve currency status saying “we shouldn’t assume it will last forever, because it won’t”.
One is like 110 years old. The inference from this post is crazy speculative in of itself.
So it’s not a currency. its settled
Gold is centralized in vaults and as is a physical item it can be confiscated by the government. IF you store gold in your home in your vault, government can expropriate your land along with your gold. But they can’t take your bitcoins.
this clips off the question asked.
anyone got a link to more?
If gold total market cap is $7T, then 21,000,000 BTC makes each coin worth roughly $333,333.
Except bitcoin is more scarce than gold, borderless, programmable, censorship resistant and permission less….
Bitcoin > Gold
in so many ways…
Wow, what a headline. Print mo’ money is what is he asking? Really?
Bitcoin will have a better stock to flow than gold within the next 5 years.
The Fed saying that Bitcoin is a store of value like gold should be sending the price through the roof. It legitimizes it for the average folk that still seeks permission from the authorities.
Powell believes that “money printing” is the solution to economic problems caused by “money printing”.
He’s a stooge, a puppet, a useful idiot. He’s been brainwashed to the point of delusion.
Your email address will not be published.