Federal Reserve Governor Christopher Waller mentioned crypto in a speech at the Center for Financial Stability on Friday.

In response to a reporter’s question on views about Bitcoin, Waller said: “Bitcoin to me is basically electronic gold... It doesn't have any fundamental intrinsic value, but that's okay. We've known in economics in 1958 that useless objects can have value." 

He also mentioned that the U.S. central bank may need to shift to a faster tapering of bond purchase. 

Earlier this week, Waller stated that stablecoin is a real innovation and the competition it brings is beneficial to consumers. He was skeptical of the need for the US to introduce CBDC and cited the development of private-sector payment innovations (especially stablecoins) as the reason for not requiring CBDC.

By Mary Liu