The price of bitcoin soared after Jerome Powell acknowledged that systemic threats have triggered a lot of digital currency projects.
- The price of bitcoin jumped on Tuesday after Jerome Powell stressed that the Fed is investing a significant amount into digital currency developments.
- Adding fuel to the fire, Powell also acknowledged how quickly crypto could become a systemic risk to the USD.
- China’s “Belt and Road” initiative is expected to roll out a digital currency very soon, and the Fed Char was clear that the U.S. was doing its best to keep pace.
An otherwise dull testimony from Federal Reserve Chairman Jerome Powell got very interesting for bitcoin, as BTC/USD spiked 4% to $10,200.
Cryptocurrency markets soared after Congressman Bill Foster raised concerns about the need to keep pace with China’s digital currency ambitions to which Powell responded that the Fed has a “lot of projects” underway.