President of Federal Reserve says Cryptocurrency has entered the Global Currency Competition and competing hardly with Fiat Currency

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Anushree Goswami
Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

Cryptocurrency has got much attention in the political sphere and came to the center of their interest over the past few weeks. Recently, Jerome Powell, the Fed Chair has compared Bitcoin with Gold. Also, with this, US President Donald Trump has also shared his thought about BTC that has flashed the regulatory collapse on the emerging markets. The President of St. Louis Federal Reserve has said that cryptocurrency has entered the ongoing global currency competition. With his comment, it is likely to consider that according to him, cryptocurrency is competing hardly with fiat currencies such as US Dollar.

According to many crypto advocates, the decentralized property of Bitcoin will lead it to become the better alternative of other fiat currencies and US Dollar. But it is still not clear that will Bitcoin be “Dollar 2.0” or more likely to be “Gold 2.0.” Jerome Powell, Fed Chair has explained in the front of US Senate during the recent testimony about the Bitcoin as now Bitcoin can be easily compared to Gold, it is basically used as “speculative store of value” and the irregular transactions of Bitcoin result into the omitted status of it as currency.

Barry Silbert twitted,” How far we’ve come. The Chairman of the Federal Reserve just compared bitcoin to gold. Folks, it’s happening https://youtu.be/jBUlXryF2WI.”

The President of St. Louis Federal Reserve, James Bullard, noted that in the US, cryptocurrency is creating movements to have a non-uniform cryptocurrency and this shows that cryptocurrency is giving strong competition to fiat currency.

In a recent presentation, he elaborated his point saying,” Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced. I want to view cryptocurrencies of various types as new entrants into the ongoing global currency competition.”

How Bitcoin differs from fiat currency? Bitcoin is borderless, as geographical regions can’t limit its utility. James Bullard also said,” I am arguing that the current cryptocurrency wave may be driving the U.S. uniform currency system toward something more like the international non-uniform currency system.”

Well, it is all about time and the time will only let us know does crypto markets will be able to alter the global financial system with its growing popularity. Although we have many questions in our mind, we can’t resist the fact that Bitcoin is the past since decade and will be the future of global population desire for being a more decentralized world.

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