Jerome Powell Calls Bitcoin Like Virtual Version Of Gold

Fed Chairman Jerome Powell Sanjung Bitcoin is like gold. (Photo; Doc. BitcoinNews)

JAKARTA - In The New York Times' DealBook Summit which was held on Wednesday, December 4, Federal Reserve (The Fed) Chair Jerome Powell explained that Bitcoin is more similar to gold, but in digital form.

"People use Bitcoin for speculation, just like gold, but Bitcoin is virtual," Powell said.

According to Powell, Bitcoin is not a stable tender and has high volatility, so he doesn't see it as a competitor to the US dollar. "Bitcoin is more like gold than the dollar, that's how I see it," he added.

Powell issued the statement as the price of Bitcoin approached the $ 100,000 mark after the US presidential election in early November 2024. Donald Trump, the president-elect who is pro-crypto, even stated that he would be the "pro-Bitcoin candidate" needed by America. In addition, Trump also appointed Paul Atkins, a former regulator supporting the crypto industry, to lead the US Securities and Exchange Commission (SEC).

As of Wednesday afternoon, December 4, the price of Bitcoin was recorded at around 97.400 US dollars (Rp1.56 billion), according to data from The Block. This increase further strengthens Bitcoin's position as an alternative investment, although its volatility remains a concern for many parties.

On the other hand, Powell also emphasized the importance of maintaining a balance between the crypto industry and the banking sector. "We want interactions between the crypto world and banks not to threaten the health of those banks," he said. Although the Fed does not directly regulate the crypto industry, Powell insists that oversight of this relationship remains important.

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