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Jerome Powell Says Bitcoin's Competitor Is Gold, Not The US Dollar

Mary Liu

Summary: U.S. Federal Reserve Chair Jerome Powell on Wednesday at the New York Times DealBook conference said that Bitcoin is used as a speculative asset, and Bitcoin's competitor is gold, not the US dollar.  Despite the economy's progress and inflation showing signs of easing, Powell suggested a cautious approach to interest rate cuts.

U.S. Federal Reserve Chair Jerome Powell on Wednesday at the New York Times DealBook conference said that Bitcoin is used as a speculative asset, and Bitcoin's competitor is gold, not the US dollar. 

Despite the economy's progress and inflation showing signs of easing, Powell suggested a cautious approach to interest rate cuts.

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