The narrative that Bitcoin could replace fiat has been circulating among crypto enthusiasts for a long time. However, only some agree with this idea. The International Monetary Fund (IMF) discourages countries adopting cryptocurrencies as a national currency due to their current volatility and lack of consumer protection.
The chairman of the US Federal Reserve, Jerome Powell, holds a similar view and is known for his cautious approach toward digital assets. At the DealBook Summit, he stated that Bitcoin is the main competitor to gold, not the US dollar. Powell believes that BTC, like gold, is a speculative asset, which makes it incomparable to currencies.
It is not the first time Powell has compared BTC to gold. He made the same comment in March 2021, during an event organized by the Bank for International Settlements, when BTC was worth only $58,200.
Powell’s Comparison of BTC to Gold Signaling a Shift in How Institutions Perceive Cryptocurrency
Powell did not hesitate to call Bitcoin very volatile, further supporting his claim that its value is closer to the speculative appeal of gold than the US dollar’s stability. These remarks show the US Federal Reserve’s current stance on cryptocurrencies.
He believes that “People are not using it as a form of payment or a store of value.” He also stated that the central bank’s role is observational, it does not deal regulating digital assets. When asked if he owns BTC, Powell noted that he is not allowed to because of his position.
A day after his comment, BTC surpassed the $100k mark, reaching its new ATH of $103,900. Leading to BTC surpassing silver and Saudi Aramco to become the seventh most valuable asset in the world. However, BTC is still far behind gold, whose market cap is sixteen times larger than BTC’s, $17.931 trillion vs. $2.038 trillion.
Trump’s victory in the US presidential election significantly impacted the value of Bitcoin. Namely, Trump promised to be a “crypto president” and to make the US “the crypto capital of the planet.” He also promised to “keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.“
While some crypto investors are trying to profit from BTC’s price swings, others are turning to new projects that could become the next big thing.
Best Wallet is among the most popular Web 3 wallet providers due to its Fireblocks MPC-CMP technology and simple design. It is also a go-to wallet for crypto degens looking for tokens with high growth potential featured on its Upcoming Tokens page.
Its native token, $BEST, became available to the public on November 11 through a private sale, during which it raised over $1 million. On November 25, the presale went public, raising an additional $1.3 million.
In addition to powering BW’s ecosystem, the $BEST token rewards its holders with multiple benefits:
- Its holders will pay lower transaction fees, gain early access to new projects, and earn higher staking rewards.
- Thanks to Best Wallet’s iGaming partnerships, investors can use their $BEST tokens to win free spins and gain access to exclusive loot boxes and top-tier deposit bonuses.
- Token holders will be able to use Best Wallet’s DEX and the soon-to-launch crypto debit card and participate in airdrops.
All the above factors help $BEST become bullish once it gets listed on crypto exchanges.
