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Powell Slams Bitcoin, Says Crypto More A Substitute For Gold Than Dollar

In his first of three public appearances this week, Fed’ Chair Powell spoke at a Bank for International Settlements event discussing digital currencies, where his comments had the least practical importance for the current market situation (where interest rates have emerged as the key focal point), if the most theoretical important in terms of long-term impact for the future of US monetary policy as it transitions from fiat to digital, which now is only a matter of time.

That time, however, won’t be imminent with Powell saying that there is “no need to rush” the transition to a central bank digital dollar as “we have an obligation to be on the cutting edge of understanding the technological challenges as well as the costs and benefits” of a digital currency.

Stating the obvious, Powell said that “a dollar CBDC would have potentially large implications here and around the world”, although his next comment – that crypto is more like gold than the dollar – would spark much heated debate across the financial world as the following matrix reveals.

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