Today was held the virtual event of the Innovation Summit of the Bank for International Settlements where Jerome Powell, president of the FED, reiterated that Bitcoin is a speculative asset and, therefore, it is a replacement for gold and not for gold. American dollar.
Bitcoin’s volatility prevents it from replacing the dollar
If you follow CryptoTrend closely you will know that since Bitcoin began to gain traction in the traditional world there has been a lot of debate regarding its use cases. In general, as the pandemic took place and the Fed was forced to pump money into the economy, Bitcoin has emerged as an asset to shelter from inflation.
In this sense, he has reaffirmed today his doubts regarding the use cases of Bitcoin. Therefore, Jerome Powell established that Bitcoin is “a speculative asset”, like gold.
He also explained that crypto assets are very volatile, see Bitcoin, and therefore they are not very useful as a store of value and are not backed by anything. He also added that «they are more of an asset for speculation, so they are not particularly used as a means of payment. It is essentially a substitute for gold instead of the dollar..
However, it is not the first time that Powell has made a similar comment about Bitcoin. In fact, as early as 2019 he was referring to the leading crypto as a speculative reserve and thus resembling gold.
TIME magazine to auction three NFT crypto
This morning TIME magazine announced that it will be auctioning the images of three covers as non-fungible tokens (NFTs) for the next two days. Specifically, the auction is open from today and will run until Wednesday, March 24 at 8 pm ET.
The first of the covers that will be auctioned crypto was published the week of April 8, 1966 where you can read: God is dead? It is worth remembering that this has been one of the most emblematic covers of the magazine.
The second is a reference to the first: the cover of April 3, 2017, which reads: Is the truth dead?. According to TIME, editor Nancy Gibbs wrote: «Just as many said they believed in God in 1966, many today would say they believe in the truth, and yet we find ourselves having an intense debate about his role and power in the face of a president who treats him like a toy. What do you really believe? Does it count as lying if you believe what you say?».
The third is an alternative cover for the current issue, which will only be published in NFT format; question: Is Fiat dead? Yes, it will be the first cover in the magazine’s history to be designed exclusively as a crypto NFT.
Microsoft evaluates the possibility of integrating the leading crypto for purchases on Xbox
According to a post over the weekend on the Reddit discussion forum, Microsoft appears to be considering integrating the leading crypto into its Xbox online store and is therefore studying customer feedback.
Therefore, the survey appears to be designed to assess your opinion on the use of Bitcoin as a payment method.
Jack Dorsey’s NFT crypto sells for $ 2.9 million
Yesterday ended the sale of the crypto NFT of Jack Dorsey, CEO of Twitter, for a total of USD 2.9 million.
According to Valuables, the Tweet will remain on Twitter since what was acquired in a digital certificate of the Tweet, “unique because it has been signed and verified by the creator.”
In a few lines …
- According to Bloomberg, the Fed and MIT plan to reveal the results of their research on a digital dollar as early as July.
- David Bailin, CIO of Citi Private Bank, states that investing in the leading crypto is a good alternative, however it is not the best.
- The price of FIL crypto Filecoin has been resting after a 40% rally.
- Jang Zhuoer, one of China’s largest Bitcoin miners, think that the crypto market could decline by 2022.