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Home News and Thought Leadership

Is Jerome Powell Long Bitcoin?

by The Token Metrics Team
2022/04/22
in News and Thought Leadership, Opinion
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Recently, various Fed governors have come under scrutiny for trading in their personal investment accounts. So far, during October, Bitcoin (BTC) has traded surprisingly well considering the downdraft in other risk assets. With equities in a precarious position and bitcoin (BTC) and Ethereum (ETH) trading like champions, one has to ask: Does the Fed own bitcoin (BTC)? Does Jerome Powell own it personally?

Those questions lead to others. The recent positive comments about a bitcoin ETF from SEC Chairman may mean that the U.S. government would prefer to have its citizens invest in bitcoin rather than take the risks of using stablecoins in the defi universe.

We are beginning to wonder if the U.S. government has become bitcoin maximalists. Based on the stablecoin rhetoric, it feels like Uncle Sam is “long BTC” short Defi. Printed money may be flowing toward crypto.

Funny how things change. If governments and maybe government officials seem to “like” BTC, imagine how high it could go if BTC rises during the next financial crisis. Which, oh, by the way, could start any day now courtesy of Evergrade or related contagion.

The Fed’s Official Statements on Crypto

In a major win for U.S. crypto investors, Chairman Powell announced that the U.S. Federal Reserve has no plans to ban cryptocurrencies. On Thursday, September 30th, Powell was testifying for the House Financial Services Committee when he was asked about his previous statements regarding crypto regulations. During a hearing in July 2021, Powell had said that the development of a U.S. central bank digital currency (CBDC) could replace private crypto and stablecoins. He clarified on Thursday that he had misspoken earlier this year and that the Fed does not intend to ban cryptocurrencies.

He is, however, calling for greater oversight and regulation of stablecoins. He said that “stablecoins are like money market funds, they are like bank deposits, but they’re, to some extent, outside the regulatory perimeter and it’s appropriate they be regulated.” These statements come at a time when regulation around crypto in the United States is one of the hottest topics. At the same time, China just enacted its most serious ban on crypto a little over a week ago. There are pros and cons of regulating crypto in the United States. The most prominent positive aspect is the inflow of money that would come from institutions once crypto is regulated. But, there are major concerns with regulation potentially driving crypto businesses out of the United States.

Tags: BitcoinBlockchainBTCcryptoCryptocurrenciesCryptocurrencyFree
The Token Metrics Team

The Token Metrics Team

Token Metrics is an AI-driven crypto research and media platform.

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