Why Bitcoin Gold is the Future of Currency

Federal Reserve Chair Jerome Powell has consistently characterized Bitcoin as a speculative asset comparable to gold, rather than a substitute for the U.S. dollar. In a recent discussion at the DealBook Summit, Powell remarked, "People use bitcoin as a speculative asset. It’s just like gold, only it’s virtual. It’s digital."
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This perspective aligns with his earlier statements. In March 2021, during the Bank of International Settlements Innovation Summit, Powell noted that Bitcoin is "essentially a substitute for gold rather than for the dollar," emphasizing its volatility and limited use as a means of payment.
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Similarly, in July 2019, Powell testified before Congress, stating that Bitcoin is "a speculative store of value" and is used more as "an alternative to gold" than as a means of payment.
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These consistent remarks highlight Powell's view of Bitcoin as a digital asset akin to gold, primarily serving as a speculative store of value rather than functioning as a currency like the U.S. dollar.