Voyager

The Chairman of the Federal Reserve, Jerome Powell, brought Bitcoin (BTC) to the spotlight during his testimony to the Senate Banking Committee on Thursday.

In his first day of testimony, Powell touched on the current state of the U.S. economy, covering everything from the ramifications of not raising the debt ceiling to his current status as it relates to the Trump administration and Facebook’s new Libra cryptocurrency initiative.

However, the moment that caught many people’s attention was Powell describing Bitcoin as a speculative store of value, comparing it to the likes of gold.

“Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said. “It’s a speculative store of value.”

This is perhaps the highest level of validation the Bitcoin-as-a-store-of-value narrative has seen to date, as many investors and observers have started predicting the digital asset will replace gold as the leading store of value.

More: Fed Chair Jerome Powell on Bitcoin as a Store of Value
Related: Jay Powell disagrees with Donald Trump on nearly everything

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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