The Federal Reserve Bank of New York said in a Feb. 9 report that Bitcoin performs more kin to a precious metal like gold but warns that it can never replace the US dollar due to volatility.
The 31-page report authored by Gianluca Benigno and Carlo Rosa, agrees with a statement made by Fed Chair Jerome Powell, who insisted back in 2021 that: “Crypto assets are highly volatile […] They’re more of an asset for speculation, so they’re not particularly in use as a means of payment. It’s more of a speculative asset. It’s essentially a substitute for gold rather than for the dollar.”
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