
Fed Chair Powell Labels Bitcoin ‘Digital Gold,’ Rejects Rivalry with US Dollar
“People use Bitcoin as a speculative asset, right? It’s like gold—only it’s virtual, it’s digital,” Powell said.
Jerome Hayden “Jay” Powell is the 16th Chair of the Federal Reserve, serving in that office since February 2018.
Jerome Hayden “Jay” Powell is the 16th Chair of the Federal Reserve, serving in that office since February 2018. He was nominated to the Fed Chair position by President Donald Trump, and confirmed by the United States Senate.
Powell earned a degree in politics from Princeton University in 1975 and a Juris Doctor from Georgetown University Law Center in 1979. He moved to investment banking in 1984, and has since worked for several financial institutions. He briefly served as Under Secretary of the Treasury for Domestic Finance under President George H. W. Bush in 1992. More recently, he was a visiting scholar at the Bipartisan Policy Center from 2010 to 2012. He has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve since 1987 not to hold a Ph.D. degree in Economics.
Powell has faced substantial and repeated criticism from President Donald Trump after his confirmation.
Federal Reserve
Feb 5th, 1953
American
Chevy Chase, Maryland, United States
Princeton University (BA) - 1972-1975
Georgetown University (JD) - 1979
Federal Reserve - Chair
Federal Reserve Board of Governors - Member
Treasury for Domestic Finance - Under Secretary - 1992–1993
“People use Bitcoin as a speculative asset, right? It’s like gold—only it’s virtual, it’s digital,” Powell said.
Following Donald Trump’s victory, the crypto market attention is now on the upcoming FOMC meeting, where the Federal Reserve is expected to announce a potential 0.25% rate cut potentially driving Bitcoin price to $100K.
Crypto investors will be watching two major macro developments this week that includes the Fed Chair Jerome Powell speech and the upcoming US non-farm payrolls report on Friday.
Top Ethereum investors led by Jump Trading have been on a selling spree in the last few weeks, thus increasing bearish sentiment.
This was the highest net inflow recorded by the funds in a single day since July 23.