Powell says Fed not interested in bitcoin, causing drop in value

From Investing.com

December 18, 2024 9:25:35 pm:

Federal Reserve Chair Jerome Powell stated the Fed has no interest in stockpiling large amounts of bitcoin. Powell’s comments caused a drop in bitcoin’s value, which had surged post-election. President-elect Trump has hinted at creating a U.S. bitcoin reserve, but details are scarce. Republican Senator Lummis introduced a bill for a bitcoin reserve funded by the Treasury and Fed bank deposits. Barclays analysts believe creating such a reserve would face resistance from the Fed. Fed officials have been wary of cryptocurrencies, focusing on consumer and banking safety. Trump plans to appoint pro-crypto individuals to key positions in his administration.

Read more at Investing.com: Powell says Fed cannot hold bitcoin, not seeking to change that By Reuters