Federal Reserve Chairman Jerome Powell's recent statements have notably influenced the cryptocurrency market. At the New York Times' DealBook Summit in December 2024, Powell remarked, "Bitcoin is not a competitor for the dollar; it's really a competitor for gold." He characterized Bitcoin as a speculative asset, likening it to digital gold.

These comments were interpreted by market participants as an acknowledgment of Bitcoin's role as a store of value, contributing to its price surge past the $100,000 mark

In a subsequent press conference on December 18, 2024, Powell addressed the notion of the Federal Reserve holding Bitcoin, stating, "We're not allowed to own Bitcoin. The Federal Reserve Act says what we can own, and we're not looking for a law change." He emphasized that any decision regarding a strategic Bitcoin reserve would be under Congress's purview.

These developments underscore the evolving relationship between traditional financial institutions and digital assets, highlighting the increasing recognition of cryptocurrencies in the broader financial landscape.

#PowellRemarks #CryptoTariffDrop #BinanceAlphaAlert #TrumpTariffs #DiversifyYourAssets