Bitcoin is a competitor to gold, not the US dollar, reiterates Fed’s Powell

December 5, 2024 Coin Telegraph

US Federal Reserve Chair Jerome Powell also dismissed the idea that people see Bitcoin as a symbol of a lack of faith in the US dollar.

United States Federal Reserve Chair Jerome Powell has reiterated his view that Bitcoin is a direct competitor to gold and isn’t a threat to the US dollar.

“People use Bitcoin as a speculative asset. It’s just like gold, only it’s virtual, it’s digital,” Powell said at The New York Times-hosted DealBook Summit in New York on Dec. 4.

The Federal Reserve Chair has made these comments before, comparing Bitcoin (BTC) to gold during an event hosted by the Bank for International Settlements in March 2021 when Bitcoin was trading at just $58,200.

Cryptocurrencies like Bitcoin are highly speculative, and “they’re not backed by anything,” Powell said at the time.

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US Bitcoin reserve is possible to achieve but not without downsides

December 2, 2024 Coin Telegraph

Adoption

Government participation in crypto hasn’t always had great outcomes for the space, with the SEC under the Biden administration causing plenty of headaches for firms.

During his 2024 election campaign, United States President-elect Donald Trump made many crypto-related promises, including establishing a “strategic Bitcoin stockpile.” The idea has since picked up steam both in the United States and abroad.

While there has been plenty of talk, a clear roadmap and timeline for the implementation of a Bitcoin (BTC) strategic reserve haven’t been hashed out by lawmakers yet.

Speaking to Cointelegraph, Tim Ogilive, global head of institutional at crypto exchange Kraken, said at its core, establishing a strategic Bitcoin reserve is a “straightforward process.”

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$304,500 in Counterfeit Cash Seized at New York Airport, Triggering Secret Service Investigation

December 1, 2024 The Daily Hodl

Cash

The Secret Service has been called in to investigate the discovery and seizure of $304,500 in fake U.S. currency at JFK International Airport in New York. U.S. Customs and Border Protection says a man on a flight from Ecuador tried to bring the trove of fake cash into the country, reports NBC New York. The […]

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JPMorgan’s Bold Call: Why Carry Trades May Be Facing Their Final Days

October 21, 2024 Bitcoin.com

bitcoin.com

A new JPMorgan report warns that carry trades are losing effectiveness as global interest rates decline, urging investors to be more selective with currency risks. The Japanese yen has lost appeal after unexpected rate hikes, while the Swiss franc carries potential bullish risks. JPMorgan suggests rethinking strategies as carry trade returns are expected to diminish […]

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Putin Reveals Over 85% of CIS Trade Now in National Currencies

October 9, 2024 Bitcoin.com

Armenia

Russian President Vladimir Putin announced that more than 85% of trade within the Commonwealth of Independent States (CIS) is now conducted in national currencies, highlighting a move toward greater financial independence. This development is part of broader efforts by CIS countries to reduce reliance on foreign economic systems, particularly imports, and to build resilient financial […]

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$0.10 Coin Hits $295,000 at Auction – Why Investors Are Battling To Buy a Single US Dime

October 8, 2024 The Daily Hodl

Cash

Bidders have pushed the price for a rare US dime to a staggering $250,000 – and they’re likely just getting started. If past is prologue, the online auction for this 1975 dime will close at more than half a million dollars when it ends on October 27th. The rare dime is missing the letter “S”, […]

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UBS Warns of Further US Dollar Decline, Advises Investors to Reduce USD holdings

October 1, 2024 Bitcoin.com

Assets

Financial giant UBS expects the U.S. dollar to continue to depreciate, advising investors to reevaluate their portfolios. The bank predicts a medium-term decline due to shrinking interest rate advantages and a growing fiscal deficit. With the dollar down 5% since June, UBS recommends strategies like currency hedging and diversifying into other currencies and assets like […]

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North Carolina Rejects Federal Digital Currency, Overrides Governor’s Veto

September 11, 2024 Bitcoin.com

bitcoin.com

The North Carolina General Assembly has overridden Governor Roy Cooper’s veto to enact a bill prohibiting a central bank digital currency (CBDC) in the state. The Senate voted 27-17, securing the required supermajority. The bill bars payments using CBDC and state participation in Federal Reserve testing. This bill reflects strong opposition to CBDCs and emphasizes […]

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China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS Cooperation

August 24, 2024 Bitcoin.com

artificial intelligence

China and Russia solidified their cooperation in currency, finance, and within the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They committed to local currency use, payment infrastructure, and mutual investments, while also advancing collaboration in artificial intelligence, sustainable development, and global governance. China and Russia Strengthen […]

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Japan Dumps $22,000,000,000 in US Treasuries in One Month As Government Mounts Billion-Dollar Battle To Prop Up Currency

August 3, 2024 The Daily Hodl

Currency

Japan is offloading billions of dollars in US Treasuries as it fights to prop up its currency. New numbers from the US Treasury Department show Japan sold $22 billion in Treasury securities in May, reducing its holdings to $1.1283 trillion. The move marks the second month in a row that Japan has reduced its massive […]

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Currency

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