Bitcoin Searches On Google Increase After Trump’s Bashing Tweet

FED Chair Jerome Powell noted during his testimony to Congress, that Bitcoin is the next alternative to Gold and claiming it is a store of value. In the coming altcoin news below, we read more about what he said. During his admission, the FED Chair stated:

“Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really. It’s a store of value; it’s a speculative store of value like gold.”

There is a huge significance that the world’s largest central bank is labeling bitcoin as a store of value and even calls it an alternative to crypto. Many people in the crypto community took it to Twitter to celebrate. Morgan Creek Digital’s Anthony Pompliano was among the happiest users that wrote a triumphant ode to the FED Chair Jerome Powell. On the opposition side, the notable gold bull Peter Schiff had some really strong words for Jerome saying that he likened the validation of bitcoin by such a strong and prominent individual to the financial crisis in 2008. Schiff noted:

‘’Just like Alan Greenspan encouraged homebuyers to take out ARMS at the height of the housing bubble, Jerome Powell effectively just did the same thing with Bitcoin. By claiming it’s similar to gold he not only validated Bitcoin, but encouraged people to buy into the bubble.’’

Powell also noted that the lawmakers should be considered the regulatory risks that are associated with Facebook’s Libra crypto project. He appeared to take a severe approach to the crypto project and even stated:

“Libra raises a lot of serious concerns. Those would include around privacy, money laundering, consumer protection, financial stability. Those are going to need to be thoroughly and publicly evaluated before this proceeds.”

As noted in the latest cryptocurrency news, the bitcoin price didn’t really do anything despite the comments made by Powell. This could be the case since the major cryptocurrency was buried in a long testimony that included mainly the approach to Libra suggesting a similar harsh approach to Bitcoin as well. Despite the good words from Powell, the BTC/USD pair is going back sharply towards the $11,000.The post appeared first on DC Forecasts