Fed Chairman: BTC is a store of value, like gold

On Thursday, Federal Reserve Chairman Jerome Powell drew attention to Bitcoin (BTC) with his testimony at the Senate Banking Committee.

On the first day of testimony, Powell touched on the current state of the US economy, covering everything from the consequences of failure to comply with the debt ceiling to his current status in terms of the Trump administration and the new Facebook cryptocurrency initiative Libra.

Powell’s statement, which attracted the most attention of people, was to describe Bitcoin as a store of value, which is quite comparable with gold.

“No one uses bitcoins for payments, it is used as an alternative to gold,” he said. – This is a means of accumulation.

Of course, the Twitter response was hectic:

“How far we have come. The Federal Reserve Chairman has just compared Bitcoin with gold. People, this is really happening! ”

“Incredible 24 hours for Bitcoin, and I’m not talking about crazy price movement. Imagine the Fed chair talking about him as a store of value. ”

This is perhaps the highest level of recognition, which only received Bitcoin. Now, many investors and reviewers have begun to predict that the digital asset will replace gold as the leading means of accumulation.

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