Wednesday, February 12, 2020

NOT GOOD: Fed Chairman Powell Confirms Federal Reserve Exploring Government Cryptocurrency

During testimony today on Capitol Hill, before the Senate Committee on Banking, Housing, and Urban Affairs, Federal Reserve Chairman Jay Powell confirmed that the Federal Reserve was exploring the possibility of creating a government cryptocurrency.

This is not good. Such a cryptocurrency would allow the government to track all monetary transactions. I discuss the dangers of such here:  Federal Reserve Board Governor: The Fed is Looking Into Creating Fedcoin.

Remarkably, bitcoin surged past $10,000 on Powell's comments.

Note to Bitcoin fanboys: If the Fed gets in the game, they are not going to allow other cryptocurrencies such as your bitcoin to hang around and compete.

End of warning.


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