Crypto analysis: Famous economist disclosing BTC future to $10000

[Cryptocrit]

Jerome Powell, the chairman of the Federal Reserve, made a statement about Bitcoin at the Jackson Hole Economic Policy Symposium on August 25, 2023. He said that cryptocurrencies, like Bitcoin, have "staying power" as an asset class. He also said that the Fed sees stable coins as a form of money, and that it would be appropriate to have a "robust federal role" in regulating them.

Powell's statement was seen as a positive development for the cryptocurrency industry. It is the first time that a sitting Fed chairman has acknowledged the potential of cryptocurrencies. However, Powell also warned that cryptocurrencies are "highly volatile" and that investors should be aware of the risks involved.

The price of Bitcoin initially slipped a few dollars on the hawkish lean to Powell's remarks, but has since bounced to modestly positive on the day at $26,200.

It remains to be seen how the Fed's regulatory plans for cryptocurrencies will play out. However, Powell's statement is a sign that the Fed is taking cryptocurrencies seriously, and that it is prepared to take action to protect investors.

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