The Fed called Bitcoin a competitor to gold, not the dollar


Bitcoin can compete with gold, but is unlikely to become an alternative currency. This opinion was voiced by the head of the Federal Reserve Bank of St. Louis, James Bullard, on CNBC.

During the interview, Bullard did not support the arguments of the supporters of the first cryptocurrency. For him, bitcoin is simply one of the digital currencies with high volatility. He believes that there has to be a certain stability both vis-à-vis competitors and goods and services in order to claim something more.

Previously, philosopher and author of cult “Black Swan” Nassim Nicholas Taleb said bitcoin had not been used as a form of payment due to the high volatility.

Recall that the Federal Reserve Bank of St. Louis published a report in which it assessed the potential for DeFi’s integration into the financial system.

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