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Bitcoin Price Experiences Sharp Drop After Fed Chair Jerome Powell Threw Cold Water on Crypto in Zurich  

  • Alex Dovbnya
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    Bitcoin price once again failed to touch $11,000, dropping by more than 6 percent after Powell’s comments 

Bitcoin Price Experiences Sharp Drop After Fed Chair Jerome Powell Threw Cold Water on Crypto in Zurich  

Federal Reserve Chairman Jerome Powell said that the central bank is not considering the launch of its own cryptocurrency during a question-and-answer session in Zurich, Switzerland.

If people are leaving their money in cybercurrency and leaving it there, they are not putting it in a bank. [...] What happens to the intermediation process if everyone is investing in these cybercurrencies?”   

We are in favor of financial innovations. We are following these things very carefully, but we don’t see digital currencies from central banks as something happening in the near term.”

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The price of Bitcoin instantly tanked by more than six percent after these comments. At the time of writing, it is changing hands at $10,468.50, according to CoinMarketCap data.

Back in July, Powell said that Bitcoin could serve as an alternative to gold, but no one would use it for payments.

Cover image via news.u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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