US Fed Chair Powell: 'Bitcoin is a substitute for gold"

Happy Monday, Blockfolians

The Lede

There has been much consternation and concern that if bitcoin got too popular, the US would ban it. Comments today from Fed Chair Jerome Powell, however, suggest that to him, bitcoin isn’t competition for the US dollar but competition for gold.

Now, that said, Powell isn’t particular impressed with bitcoin, continuing to tout that old “isn’t backed by anything” canard.

Still, for our money we’re glad to see the government’s sights set away from BTC!

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