• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

What Fed chief Powell said about crypto that may have aided bitcoin’s rally to $100,000

by December 6, 2024
written by December 6, 2024

Bitcoin’s meteoric run may have gotten a little extra push from an unlikely source: Federal Reserve Chair Jerome Powell.

In comments Wednesday about the cryptocurrency, the central bank leader noted that he does not and cannot own any himself. In addition, he said the Fed’s role in regulating bitcoin and its competitors is limited.

However, he also maintained that bitcoin is not a challenge for traditional currencies such as the U.S. dollar but rather for gold.

“People use bitcoin as a speculative asset,” Powell told CNBC’s Andrew Ross Sorkin during the New York Times’ DealBook Summit. “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.”

For those who watch the crypto markets, the Powell comments, whether unwittingly, provided a sense of legitimacy for bitcoin and helped drive it another leg higher. Bitcoin jumped 3% in morning trade Thursday, pushing over the $103,000 mark before easing slightly.

“We believe the Fed chair’s comparison of bitcoin to gold is a significant development as it introduces another level of credibility to bitcoin as a major asset in global markets,” said Joel Kruger, market strategist at LMAX Group, which runs an exchange for currency and crypto trading.

“The fact that gold is still about 10 times larger than bitcoin should offer additional insight into how much more room there is for bitcoin to grow from current levels,” he added.

Bitcoin rose sharply to start the year then largely traded in a volatile but fairly tight range — until Donald Trump won the Nov. 5 presidential election. Since then, it has soared close to 50% as the president-elect’s pro-crypto remarks fueled another price surge that took bitcoin past the $100,000 mark late Wednesday. By contrast, gold is about flat since the election, though it is up nearly 30% year to date.

To be sure, how much Powell’s comments helped propel the last move is unknown.

The remarks comparing it to bitcoin came the same day Trump made formal his widely anticipated intention to nominate financier Paul Atkins, also a strong crypto supporter, as chair of the Securities and Exchange Commission.

The position is a key regulatory post and could provide a smoother market ride, particularly since the current SEC leader, Gary Gensler, has been an opponent of the crypto industry.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Here’s what Kash Patel’s former colleagues are saying about him
next post
3 numbers that explain November election results – it wasn’t about Kamala

related articles

Krispy Kreme stock plunges after doughnut chain pauses...

May 8, 2025

UnitedHealthcare sued by shareholders over reaction to CEO’s...

May 8, 2025

NBA star Russell Westbrook launches AI-enabled funeral planning...

May 7, 2025

AMD CEO calls China a ‘large opportunity’ and...

May 7, 2025

Judge allows lawsuit over Burger King’s Whopper ads...

May 7, 2025

Amazon’s Zoox robotaxi unit issues software recall after...

May 6, 2025

Rite Aid files for second bankruptcy in two...

May 6, 2025

Skechers to be acquired by 3G Capital in...

May 6, 2025

Temu halts shipping direct from China as de...

May 4, 2025

Jeff Bezos discloses plan to sell up to...

May 3, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • ‘New Golden Age’: Republican lawmakers ecstatic as Trump takes office with slate of new orders

    January 20, 2025
  • Who is the conservative ‘superstar’ lawyer and potential SCOTUS pick that will help in Eric Adams case?

    February 26, 2025
  • ‘Hurting people to help themselves’: Dem senator disses DOGE’s CFPB cuts

    March 10, 2025
  • Harris claims Trump win would be ‘catastrophic’ for Social Security, but first term tells different tale

    October 22, 2024
  • Pritzker trolls Trump by ‘renaming’ Lake Michigan as ‘Lake Illinois,’ joking he’d annex Green Bay

    February 8, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,433)
  • Investing (593)
  • Stock (735)

Latest Posts

  • Blinken questioned for State Department hosting in-house therapy sessions after Trump win

    November 24, 2024
  • Dogecoin and Shiba Inu are sinking lower and lower

    August 28, 2024
  • Israel eyes Iran nuke sites amid reports Trump mulls moves to block Tehran atomic program

    December 13, 2024

Recent Posts

  • ApeCoin and Akita Inu: ApeCoin tries to retain new support

    September 3, 2024
  • Walmart employees are now wearing body cameras in some U.S. stores

    December 18, 2024
  • Fetterman would be willing to confirm Dr. Oz — on one condition

    November 20, 2024

Editor’s Pick

  • Elon Musk dunks on Sen. Chuck Schumer, declaring ‘Hysterical reactions’ demonstrate DOGE’s importance

    February 4, 2025
  • SEE IT: Republicans reveal expectations for Elon Musk’s closed-door meeting with lawmakers tonight

    March 5, 2025
  • Left-wing billionaires bankroll Dem super PAC plotting to win back working-class voters: ‘This is a priority’

    February 4, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock