Fed-voorzitter Powell: “Bitcoin is een concurrent voor goud”
Remarkable words from Jerome Powell. The chairman of the U.S.
Remarkable words from Jerome Powell. The chairman of the U.S. central bank compared Bitcoin to gold, but does not see it as a threat to the dollar.
Bitcoin is "truly a competitor for gold": this statement comes not from a crypto investor like Michael Saylor, but from Fed Chairman Jerome Powell. During a panel discussion organized by the New York Times The 71-year-old said that Bitcoin "is like gold, but virtual." According to him, most investors see Bitcoin - like gold - primarily as a "speculative asset" or a "value storage."
As a means of payment, the crypto currency has not proven itself, according to Powell. "It is very volatile and not a competitor to the dollar," he added.
These views are not new. Back in 2021, Powell stated at a Bank for International Settlements event that Bitcoin "is more of a substitute for gold than for the dollar."
Bitcoin as digital gold
Bitcoin is often referred to as digital gold because of its function as a store of value. Investors speculate that digital gold will eventually surpass physical gold, fueling predictions of prices in the millions of dollars.
Recently, Bitcoin's market capitalization reached a record of more than €1.87 trillion ($2 trillion). This, according to companiesmarketcap in seventh place of most valuable assets worldwide. Gold has a market capitalization of nearly €16.8 trillion ($18 trillion).
Yet Bitcoin surpasses gold in one respect: its annual returns are much higher than gold.
Speculation on state reserves
Bitcoin's current price rise is being driven in part by speculation that the U.S. could create a national Bitcoin reserve. During his election campaign, Donald Trump hinted at this. Senator Cynthia Lummis, an outspoken Bitcoin supporter, is one of the biggest proponents of such a reserve. She proposed funding it by selling gold certificates.
