Bitcoin Price Nearly $ 3,000 Powell: Cryptocurrency Is Not About Financial Security

Federal Reserve Chairman Jerome Powell believes cryptocurrencies are very valuable but do not affect financial security. Bitcoin and other cryptocurrencies (also known as virtual currencies) rebounded shortly after the Federal Open Market Committee (FOMC) announced its legislation.

According to Cointelegraph and MarketWatch, Ball stressed in a press conference after the Wednesday 15 financial policy meeting that cryptocurrencies are real assets, but "this time around I don't think it will lead to any skepticism. as to financial security. ”mentioned. "These viruses are fake and risky. Consumers may or may not understand what is in their hands. This is a major problem for consumers."

Bauer also spoke specifically of the coin's role, saying he supports the Financial Services Group announced by US President Biden on November 1. In a reported statement, Biden urged Congress to pass new law as soon as possible to force banks to settle financial security disputes.

Bauer said stablecoins could work for consumers in a financially stable economy if managed well, but they don't now. If fixed funds can be connected to existing high-tech devices, there is an opportunity to expand their reach.

Bauer also said that while businesses can have a direct and significant impact on financial performance, payment networks are not well regulated and protected. He said citizens rely on the government and the Fed to keep their payments safe and reliable.

Cryptocurrencies are set to rise sharply after the Federal Open Market Committee (FOMC) announced it would give up monetary policy (QE) entirely by March of next year (2022) and increase interest three times for the next year.

According to the market price of CoinMarketCap on the 16th at 9:09 am, the market value of Bitcoin was $ 48,968.66, up 1.58% from the previous 24 hours. Previously, Bitcoin fell to $ 46,671.97, but after the Fed announced the results of its policy meeting at 3 a.m. on the 16th, Bitcoin rose to $ 49,473.96. (see below)