Bitcoin Not a Real Currency, Risky for ‘Unsophisticated Investors’: Fed Chair Powell

The head of the U.S. Federal Reserve warned Congress that bitcoin and other cryptocurrencies are dangerous to “unsophisticated investors” and should not be considered real currencies. Fed Chair Powell Criticizes Cryptocurrencies Jerome Powell, who became Fed chair in February, succeeding fellow cryptocurrency critic Janet Yellen, said on Capitol Hill that “relatively unsophisticated investors see the

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Bitcoin Price Has Hypothetical Value of $1,800: Federal Reserve Report

The Federal Reserve Bank of San Francisco released a report on May 18 discussing the volatility of the bitcoin price and its impact on the ways bitcoin should be classified, whether as a currency, security, or commodity. Joost van der Burgt, author of the publication and fintech policy advisor at the Federal Reserve’s San Francisco branch,

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Federal Reserve’s Kashkari Rips Cryptocurrency Market: ‘It Has Become a Farce’

Neel Kashkari, the president of the Minneapolis Federal Reserve, slammed the cryptocurrency industry, saying it has become a “farce” due to unregulated chaos and escalating fraud. Kashkari made the biting remarks at Bay College in Escanaba, Michigan, on May 21, where he expressed dismay at the proliferation of scams in the nascent crypto ecosystem. “It’s

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Cryptocurrencies ‘Innovative’ But ‘Pose Challenges’: Federal Reserve Governor

The Federal Reserve has been giving cryptocurrencies and their potential impact on the economy a great deal of thought lately. Most recently, Fed Governor Lael Brainard provided a rare tilt of the Fed’s hand on digital currencies, taking more time, offering more details than usual and demonstrating the resources that the agency has dedicated to understanding

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Cryptocurrencies Pushing US Currency to ‘Non-Uniform’ System: Fed’s Bullard

James Bullard, who is at the helm of the St. Louis Federal Reserve Bank, is concerned that cryptocurrencies are complicating the markets. As an official of the centralized government the cryptocurrency market is designed to avoid, Bullard may have stood out at Consensus 2018, which is a blockchain technology summit hosted by CoinDesk. But that didn’t

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‘We Welcome Anonymous Cryptocurrencies’ : US Federal Reserve Breaks Down Bitcoin in New Study

The Federal Reserve Bank of St Louis, one of 12 regional Reserve Banks that make up the United States’ central bank, has conducted a study asking some of the biggest questions in cryptocurrency today – and they may have found some real answers. Their researchers investigated the control structure of various currencies and looked into whether

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‘Don’t Do it’: Federal Reserve Official Warns Against Investing in Bitcoin

The president of the Federal Reserve Bank of Atlanta needs just three words to convey his opinion on investing in Bitcoin and other cryptocurrencies: “Don’t do it!” Raphael Bostic, who has led the Atlanta branch of the Fed since 2017, delivered this message on Tuesday at the Hope Global Forums annual meeting, which promotes entrepreneurship

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