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Fed official dismisses bitcoin and gold but worries about privately issued currency
Bitcoin Poses No Threat to the Dollar as the World's Currency Leader, Fed's Bullard Says
By Kevin Stankiewicz
CNBC, New York
Tuesday, February 16, 2021
St. Louis Federal Reserve President James Bullard told CNBC today he believes that increasing interest in bitcoin does not pose a serious threat to the U.S. dollar as the world's reserve currency.
"I just think for Fed policy, it's going to be a dollar economy as far as the eye can see -- a dollar global economy really as far as the eye can see -- and whether the gold price goes up or down, or the bitcoin price goes up or down, doesn't really affect that," Bullard said on "Squawk Box."
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Bitcoin in particular has been championed by crypto bulls as a store of value that can be used to hedge against inflation or the debasement of fiat currencies like the U.S. dollar. Some have touted it as "digital gold." In addition, bitcoin and other cryptocurrencies also present themselves as a way to buy goods and services like actual money.
Bullard, who has led the St. Louis Fed since 2008, expressed concerns about widespread transactions using a range of cryptocurrencies that are not issued by governments. "Dollars can be traded electronically already, so I'm not sure that's really the issue here. The issue is privately issued currency," he said. ...
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