Bitcoin (BTC) Competes With Gold, Not the US Dollar: Fed Chair Jerome Powell

U.S. Federal Reserve Chair Jerome Powell thinks Bitcoin (BTC) is more akin to gold than the US dollar.

At the New York Times DealBook summit this week, Powell was asked whether the public’s interest in BTC represents a lack of faith in the US dollar.

Says the Fed chair,

“I don’t think that’s how people think about it. People use Bitcoin as a speculative asset, right? It’s like gold. It’s just like gold, only it’s virtual. It’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold. That’s really how I think of it.” 

President-elect Donald Trump reportedly has no objections to Powell serving the remainder of his term as Fed chair until May 2026.

Trump nominated Powell during his first term, but the two clashed several times, leading to the then-45th US president threatening to remove the Fed chair from office.

Powell ended up keeping his post, however, and he was reappointed to a second four-year term by President Joe Biden in 2022.

Bitcoin is trading at $98,013 at time of writing. The top crypto asset by market cap made headlines this week after breaking the $100,000 price barrier for several hours on Wednesday and Thursday.

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