Pro-Crypto Comments From the Fed Chair Begs the Question – Where Do Others Stand? By DailyCoin
[ad_1]
Pro-Crypto Comments From the Fed Chair Begs the Question – Where Do Others Stand?Jerome Powell (Federal Reserve Chair) blew a surprise when he stated that he doesn’t. It is notWe intend to ban Bitcoin and cryptocurrencies.
The meeting lasted two hours and was intended for Congress reps as an opportunity to receive updates from Treasury Department officials on pandemic readiness. However, the Fed’s and Treasury’s leaders fielded many questions regarding cryptocurrencies.
Federal Reserve chairman Powell was joined by Rep. Ted Budd (Republican of North Carolina), a member and staunch supporter of crypto. This exchange is the most important of today. The congressman Budd sought clarification from Powell on statements made in July by the chief of the U.S. central banking to say that the creation of a U.S. digital currency (CBDC), could decrease the demand for private stablecoins or cryptos generally.
When representative Budd point blank asked if the Fed head planned to “…ban or limit the use of cryptocurrencies…” Powell’s response was a resounding “No.”
“[I have] no intention of intention to ban them,”
Powell spoke.
Powell said that stablecoins require greater regulation oversight. He compared them with money market accounts or bank deposits.
“They’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated. Similar activity, different regulation [as deposits and money markets],”
He stated.
This got us to thinking that the DailyCoin might be the right time to draw the Bitcoin battle line between bulls and bears among Wall Street Wall Street traders and Wall Street investors. But not the regular pundits such as the Michael Saylors, Warren Buffets, Elon Musks, Jamie Dimons of investing, but rather names you may not have heard from before – traders a few steps down the financial food chain.
Bloomberg’s roundup article lists the opinions of many professional inventors as well their stances over time on Bitcoin and cryptocurrencies. These are sample quotations, along with the links to their sources.
BITCOIN BULLS
JEFF CURRIE
GOLDMAN SACHS GROUP, INC. GLOBAL HEAD COMMODITIES RESEARCH
“I don’t see why there is all this hostility to it.” Bitcoin is “not much different than gold” because it doesn’t have liability attached to it, by definition, like a security.
TRAVIS KLING
FOUNDER, IKIGAI ASSET MANAGEMENT, A CRYPTO HEDGE-FUND
“It’s too good a store of value to be a good value of exchange. If the expectation is the price is going to increase meaningfully, you don’t want to pay out all of your Bitcoins for everyday use.”
BILL MILLER
FOUNDER, MILLER VALE PARTNERS
“If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into Bitcoin instead of cash, then the current relative trickle into Bitcoin would become a torrent. Bitcoin was once called rat poison by Warren Buffett. His words may be true. Bitcoin could be rat poison, and the rat could be cash.”
BITCOIN BEARS
SHARMIN MOSSAVAR RAHMANI
HEAD OF INVESTMENT-STRATEGY GROUP, INVESTMENT-MANAGEMENT DIVISION, GOLDMAN SACHS GROUP INC.
“Something with a long-term volatility of 80% can’t be considered a medium of exchange. Just because everybody piles into an idea and talks it up doesn’t mean it’s a store of value.”
CAM HARVEY
SENIOR ADVISER, REsearch AFFILIATES
“What’s going to happen to Bitcoin? It’s really unclear. The price is not just driven by the money-supply rule, it’s driven by other speculative forces. That’s why it’s multiple times more volatile than the stock market.”
EDWARD MOYA
OANDA CORP.
“Cryptocurrencies are in trouble. All of cryptospace is in trouble. The market carnage of the past few days has investors questioning Bitcoin’s true value.”
To The Flipside
- It doesn’t matter how sound an asset is or how valid its use case – there will ALWAYS be detractors and critics.
- Don’t be swayed by opinion and hyperbole – unless it’s opinion and hyperbole from the big brains at DailyCoin.com and DailyCoin TV.
Why you should care
Crypto-talk is more volatile that the actual price action, it seems. Given this constant state of controversy, it’s important for you to know what your investment goals are, why you want to invest in a specific asset, and for you to conduct your own research. Your investments are as important as yours.
EMAIL NEWSLETTER
You can also join the crypto-verse
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7]
With just one click, you can unsubscribe at any time.
[ad_2]