#PowellSpeech

I feel interest rates are primarily set in traditional financial systems, like those tied to the US Dollar and other fiat currencies. Cryptocurrencies, on the other hand, operate in a separate ecosystem. They are still developing and not yet fully integrated into the mainstream financial infrastructure, especially in areas like loans and mortgages at a large institutional level.

While some crypto platforms now offer lending, borrowing, and even crypto-backed mortgages, these are still in early stages compared to traditional banks. So, crypto is emerging more as an alternative financial system rather than just an extension of the existing one.