Crypto Daily – Federal Reserve Chair Jerome Powell has said the central bank does not intend to be involved in any government effort to stockpile and create a strategic reserve.
Powell said the Federal Reserve is not allowed to own Bitcoin and is not looking to change that.
Fed Can’t Own Bitcoin
Powell commented in response to a question on whether he saw any value in a Bitcoin strategic reserve. President-elect Donald Trump has promised to create a Bitcoin strategic reserve to stay ahead of the competition as other countries embrace crypto. Powell stated the Fed is not allowed to own Bitcoin and is not looking for a law change.
“We’re not allowed to own Bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change. That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.”
Powell’s comments adversely impacted the price of Bitcoin, which fell sharply. Experts…
Read More