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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Highly Relevant Reading


Community Commentary

Truly one for the history books
The Turkish lira is crashing and Google searches for ‘bitcoin’ in the country are exploding

A Really Big Number We Should Be Paying Attention To

$2.9M

That’s the final tally for Jack Dorsey’s NFT sale of the first ever tweet.


Final Thought

Glorious.