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Home Markets Cryptos

Leader of world’s most powerful central bank says Crypto unreliable for wealth preservation

Olumide Adesina by Olumide Adesina
March 23, 2021
in Cryptos, Markets
Global Markets: U.S Fed delivers another rate cut

Jerome Powell, Chairman of the U.S. Federal Reserve

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Jerome Powell, leader of the world’s most powerful central bank, recently disclosed that crypto is unreliable for wealth preservation, and the apex bank was in no hurry to introduce a competitor.

“They’re highly volatile and therefore not really useful stores of value and they’re not backed by anything,” The Fed Chief said during a virtual panel discussion on crypto banking hosted by the Bank for International Settlements. “It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar.”

Recall about a month ago, Janet Yellen the U.S Treasury Secretary and custodian of the world’s biggest economy, raised concerns that the world’s most popular crypto asset could be ideal for money laundering and illicit transactions.

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“I don’t think that bitcoin … is widely used as a transaction mechanism,” Yellen told Andrew Ross Sorkin at a DealBook conference. “To the extent, it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

In addition, Yellen raised concerns about its usual high price swings that often come to cost some investors their fortune.

“It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,” Yellen said.

READ: U.S Central Bank plans Crypto U.S dollar

In a report credited to CNBC, the highly revered monetary policymaker, Powell, spoke on why the U.S Federal Reserve Bank was in no rush to start its central bank digital currency.

“To move forward on this, we would need buy-in from Congress, from the administration, from broad elements of the public, and we haven’t really begun the job of that public engagement,” Powell said. “So you can expect us to move with great care and transparency with regard to developing a central bank digital currency.”

The U.S Fed Chief also gave credence to the fact that the U.S Congress likely would have to pass some type of authorization before the Fed could proceed with its own currency.


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Tags: BitcoincryptoJanet YellenU.S Fed ChiefU.S. Federal Reserve Bank
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 2

  1. umar Isyak Maidabino says:
    March 23, 2021 at 7:05 am

    It’s inability to be store of value or wealth makes it to fail one of the cardinal qualities of what should be called money. it already makes it to lose it quality of being a medium of exchange to pay for goods and services.
    The way and manner the currency was created was fictitious and just out of computer programmers imaginations.
    they just picked up their laptops and create some digits and call them money.
    money’s are created based on wealth reserves of gold or any other tangible thing to serve and exchange for goods and services generated by various sectors of the economy.

    Reply
    • Sele Ayebawanaemi Solomon says:
      March 23, 2021 at 5:05 pm

      what you say has some truth, not to mention, in the end, it is the goods and services for which a currency is used to purchase that gives that currency it’s true value. I do believe cryptocurrencies are here to stay, but not the way people are going about it.

      Reply

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