Federal Reserve Chairman Powell
Bitcoin is 'more a substitute for gold than the dollar'
Summary
The Federal Reserve Chairman Claims Bitcoin is a Great Store of Value as he Compares it to Gold
Bullish Signal for Bitcoin as the United States Central Banking System Adopts Bitcoin
Background
Bitcoiner,
On March 22nd, 2021, Jerome Powell, the Federal Reserve Chairman, was quoted at a speaking event today claiming Bitcoin is 'more a substitute for gold than the dollar'.
Here’s a short snippet from the video:
Jerome Powell is the Federal Reserve Chairman. The Federal Reserve is the central banking system of the United States. Powell decides how much money can be printed. He basically is the king of our money.
Quick Story
I first learned about the Federal Reserve in 2017 when I was listening to JRE Ep. #1002. I never really questioned where our money came from prior to listening to that podcast. It's been about 4 years since I learned about ‘The Fed’ and I still do not entirely understand how it functions.
Why is this Important?
Powell’s mention of Bitcoin today is important because ‘The Fed’ rarely makes public statements about Bitcoin or Crypto-Assets in general. More importantly, this is a positive sign that the Federal Reserve will adopt Bitcoin and not try to fight against it. The last time Powell commented on Bitcoin being a store of value was in 2019:
Bitcoin is pretty cheap at $55,000 today. Did you get a chance to buy? If so, leave a comment below!
Happy Monday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter: @epodrulz