Just recently, during his testimony before the Senate Banking Committee looked into the Facebook's Libra cryptocurrency, Jerome Powell compared it to Gold, saying that it's an alternative to the asset.
Recently in a hearing with the Senate Banking Committee, Jerome Powell was talking about Facebook's recent cryptocurrency project Libra and also commented on the number one cryptocurrency – Bitcoin. While saying that Libra raises a lot of regulatory questions and concerns such as money laundering, consumer protection, and financial stability, of course, he also mentioned that if Facebook's Libra goes live, it becomes “essentially, immediately systemically important.”
However, he also commented on Bitcoin, the largest cryptocurrency asset with more than $200 billion in market cap.
“Almost no one uses bitcoin for payments, they use it more as an alternative to gold. It’s a speculative store of value,” he explained.
Read more: https://www.coinspeaker.com/jerome-powell-fed-bitcoin-gold/