New federal reserve chair is short on bitcoin, long on blockchain

24.01.2018 / 22:30

Powell is FOR blockchain and against BTC

Rating:

On Tuesday, January 23, the United States Senate officially confirmed Jerome Powell as the next chairman of the Federal Reserve. Powell has spoken extensively about cryptocurrency and blockchain technology in the past, and has a seemingly positive opinion.However, he has also expressed that the technology is too new to be relied upon.

He said that the advent of cryptocurrencies has led some to believe that: “Blockchain will, in the long run, render parts of the banking and payments system obsolete, as the intermediation of funds through the banking system will become unnecessary.” However, Powell noted that because blockchain is such a new technology, there are many things about it that need to be developed.

In late November, Powell testified before the Senate Banking Committee as part of the process of his confirmation. During his testimony, Senator David Perdue of Georgia asked Powell about his views on cryptocurrency and blockchain technology.

Senator Perdue pointed out that Bitcoin’s market value had surpassed that of 29 of the S&P 500 Corporations in the US, and expressed concern that there was “another bubble that is some four or five times the size of the dotcom bubble.”

Powell responded: “In the long, long run, things – cryptocurrencies – of that nature could matter. They don’t really matter today. They’re just not big enough. There isn’t anywhere near close to enough volume for it to matter.”

Of course, his remarks came before a few important events: before the day that the crypto market cap surpassed half a trillion dollars in mid-December.

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original post: New Federal Reserve Chair is Short on Bitcoin, Long on Blockchain

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

New federal reserve chair is short on bitcoin, long on blockchain

London

Universal numbers