Federal Reserve Chair Jerome Powell says that Bitcoin is competing with gold
"People use Bitcoin as a speculative asset, right? It's like gold—only it's virtual, it's digital," he said.
Bitcoin cannot be seen as a US dollar competitor due to its high volatility, according to the Federal Reserve head. According to CoinGecko data, Bitcoin is currently changing hands at $96,843, adding 0.6% following Powell's remarks.
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