#PowellRemarks Federal Reserve Chair Jerome Powell has made significant remarks about Bitcoin and cryptocurrency, impacting the market. Here are the key points:

## Bitcoin Ownership

- *Fed's Stance*: Powell stated that the Federal Reserve is not allowed to own Bitcoin due to restrictions under the Federal Reserve Act.

- *No Law Change*: The Fed is not looking for a law change to alter this position, leaving it to Congress to consider.

## Cryptocurrency Market Impact

- *Market Drop*: Bitcoin fell 5.9% to $100,605 after Powell's comments, and the global cryptocurrency market capitalization dropped 7.6% to $3.67 trillion.

- *Other Cryptocurrencies*: Ethereum, XRP, and Solana recorded losses ranging from 4% to 11%, reflecting a broader market correction.

## Comparison to Gold

- *Powell's Comparison*: Powell compared Bitcoin to gold, describing it as a significant asset, which boosted the price past $99,000.

- *Trump's Proposal*: President-elect Donald Trump has proposed creating a strategic Bitcoin reserve, aiming to position the US ahead of nations like China in the cryptocurrency race ¹ ².

## Central Bank Digital Currency (CBDC)

- *No CBDC Plans*: Powell assured that the Fed is not pursuing a CBDC that would give the government the ability to spy on people ³.