Powell says Fed cannot hold bitcoin, not seeking to change that
The Fed chief was addressing the prospect of central bank involvement in the idea of the government building a so-called Strategic Bitcoin Reserve once President-elect Donald Trump takes office.
Powell's comments dented the value of bitcoin, which has rallied sharply along with other crypto assets since Trump's victory in the Nov. 5 election on the prospect of a more hands-off government approach to a class of assets that rarely functions as actual money, but is instead largely used as a vehicle for speculation.
Trump has suggested he will create a U.S. bitcoin strategic reserve.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details» But the incoming president has not provided details on what such a reserve would entail, beyond saying its initial holdings could include bitcoin seized from criminals, a stockpile of about 200,000 tokens worth about $21 billion at current prices.
Stock Trading
Futures Trading Made Easy: Future & Options Trading Course
By — Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant
Stock Trading
Candlesticks Made Easy: Candlestick Pattern Course
By —
