Federal Reserve Chairman Powell attended a routine press conference last night.
Although he still refused to give in on the interest rate cut issue that everyone is generally concerned about, it was surprising that the old man talked freely about encryption and said:
The Federal Reserve is concerned about the role of banks in this field and believes that banks are fully capable of providing services to encryption customers as long as they can effectively manage risks.
He also said that establishing a stronger regulatory mechanism will help understand investment risks and ensure that the relationship between banks and compliant customers is not affected.
In fact, this is not the first time that Powell has talked about Bitcoin at the Fed's meeting. Let's take a look at how Fed Chairman Powell talked about cryptocurrencies before:
At the Fed's press conference in February 2023, two years ago, Powell warned investors to be prepared for their assets to return to zero, especially investing in cryptocurrencies. He made it clear that the Fed does not consider Bitcoin to be a currency, but a highly speculative asset with no intrinsic value.
At that time, the price of Bitcoin was only more than 20,000 US dollars.
In December 2014, when the price of Bitcoin broke through the $100,000 mark, Powell said:
"We are not allowed to own Bitcoin." The Federal Reserve Act stipulates what the Federal Reserve can own, and the Federal Reserve does not seek to change it; this is an issue that Congress should consider, but the Federal Reserve does not want to amend the law.
Although Powell rejected the Fed's holding of Bitcoin on the grounds of the Federal Reserve Act at the time, he also left room for himself: Isn't it Trump's business to promote the Federal Reserve Act~
Now in January 2025, Powell said that banks can serve crypto customers. It can be said that the progress is really not small?
Lao Wang believes that as long as banks can provide deposit and withdrawal exchange services for compliant stablecoins such as USDT/USDC, encryption can naturally be popularized to thousands of households.
And by then, stablecoins are likely to be a stronger metronome than US bonds.
Powell + Trump = Cryptocurrency is going mainstream and on the right track
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