Bitcoin dips below $96,000 as Jerome Powell dismisses speculation on Bitcoin reserves
Bitcoin traded lower for the fourth consecutive day on Thursday, weighed down by Federal Reserve Chair Jerome Powell's hawkish tone and comments on the potential of a Bitcoin reserve.
In a press conference on Wednesday, Powell stated that the US central bank has no intention of being involved in any government efforts to stockpile large amounts of Bitcoin. «We're not allowed to own Bitcoin,» he said, following the Fed's two-day policy meeting.
While the Fed cut rates as expected, it also signaled a less certain monetary policy path in the coming months. Regarding the legal issues of holding Bitcoin, Powell noted, «That's the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.»
Powell's remarks came in response to discussions about a potential Strategic Bitcoin Reserve, which could be pursued once President-elect Donald Trump takes office.
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View Details»Additionally, the Fed's announcement of a 25-basis-point rate cut, accompanied by a forecast of just two quarter-point reductions in 2025, was lower than
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