FED Chairman Jerome Powell also mentioned cryptocurrencies in his statements at the Chicago Economic Club, causing increased volatility in the Bitcoin price.
Here are FED Chairman Jerome Powell's statements on cryptocurrencies, stablecoins and artificial intelligence:
- Cryptocurrency is becoming increasingly popular and creating a legal framework for stablecoins is a good idea.
- Stablecoins may have broad appeal and consumer protections should be established.
- A “partial relaxation” of bank regulations regarding cryptocurrencies is expected.
- While AI is one of two or three factors that could bring fundamental changes to the economy, its ultimate impact is difficult to predict.
- Artificial intelligence is still in its infancy.
Following Powell’s statement, Bitcoin reacted as follows:
*This is not investment advice.
