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February 6, 2025
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Federal Reserve Chairman Jerome Powell has dismissed the idea that Bitcoin could replace the U.S. dollar, likening the cryptocurrency to gold as a speculative asset rather than a store of value. Powell shared these views during his appearance at The New York Times DealBook Summit in Manhattan. He argued that Bitcoin is a highly volatile asset used for speculation rather than as a stable store of value. “It’s just like gold, only it’s virtual,” Powell said. “It’s very volatile, it’s not a competitor for the dollar, it’s really a competitor for gold.” These remarks come at a time of heightened speculation about Bitcoin’s role in global finance.

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