Federal Reserve Chair Jerome Powell reiterated that Bitcoin competes directly with gold but is not a threat to the U.S. dollar at The New York Times' DealBook Summit. Powell described Bitcoin as a speculative, digital asset similar to gold and rejected the notion that Bitcoin signals a lack of faith in the Federal Reserve or the U.S. dollar. He also emphasized consumer protection in crypto banking without threatening banks' health.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Reserve Chair Jerome Powell reiterated that Bitcoin competes directly with gold,
00:07but it's not a threat to the U.S. dollar at the New York Times Dealbook Summit.
00:11Powell described Bitcoin as a speculative digital adject similar to gold and rejected the notion
00:17that Bitcoin signals a lack of faith in the Federal Reserve or the U.S. dollar.
00:21He also emphasized consumer protection in crypto banking without threatening banks' health.
00:25For all things money, visit Benzinga.com.
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