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US Fed Chair Jerome Powell Breaks Silence on Bitcoin Strategic Reserve
In a recent press conference, Federal Reserve Chairman Jerome Powell has finally broken his silence on the topic of adding Bitcoin to the central bank’s balance sheet. The statement comes as a disappointment for those hoping to see a strategic reserve of cryptocurrency in the United States.
Powell firmly stated that the institution is not allowed to own Bitcoin under the current Federal Reserve Act, and therefore will not be pursuing any legislative changes to enable such actions. He emphasized that any changes to this law would need to come from Congress, but it’s not something that the Fed is actively considering at this time.
The market reacted swiftly to Powell’s comments, with the price of Bitcoin experiencing its first decline in four days. The BTC price dropped by 5.9%, landing at $100,605 after reaching an all-time high of $108,000 just a day prior.
Despite the dip, blockchain analytics firm Santiment highlighted Bitcoin’s resilience, stating that the cryptocurrency’s ability to remain above $100K despite Powell’s comments and market volatility shows a degree of underlying strength. The firm also warned that we might see this play out positively over the next 24-48 hours.
Meanwhile, President-elect Donald Trump has reiterated his ambition to establish a Bitcoin reserve for the United States, a proposal he first introduced during his presidential campaign. In a recent address, Trump emphasized the importance of staying competitive in the global crypto space and not allowing other nations like China to take the lead while the US stands by.
Source: www.cryptonewsz.com
