Fed Chair Powell: "₿itcoin is a Store of Value Like Gold" - July 11th 2019
- Thread starter johnarb
- Start date
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Partly true;
so was confederate money LOL And he noted stuff like $50 AL note LOL. Fools gold is a lot like gold also LOL . The good news is some people may want to sell confederate money
Powell is wrong once again, Gold is used as collateral in Repo markets and Eurodollar Markets... Bitcoin isn't and until it is accepted as collateral it's fugazee. Do Central Banks engage in Bitcoin Lending ? I will say that Fin tech crypto is gonna be a great sector to trade after crisis hits. American, Brazil and Singapore fin techs, get in ride the ponzi and on to the next
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Agree , he is wrong to compare bitcon to gold; but NOWHERE did he promise to sell, exchange , or barter bitcon for FED's gold stash/cash LOL-LOL. Pres Trump would fire him for sure ,if he did that , most likely .
, He was right to note US competing currencies ; some are still trying to sell confederate bills LOL/trueDont fight he FED refers to monetary policy, not bitcons.
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Agree , he is wrong to compare bitcon to gold; but NOWHERE did he promise to sell, exchange , or barter bitcon for FED's gold stash/cash LOL-LOL. Pres Trump would fire him for sure ,if he did that , most likely .
Dont fight he FED refers to monetary policy, not bitcons.
My friend, you have 2 messages there and I don't want to put words in your mouth. So on one note, you're saying he's wrong to compare bitcoin to gold, got it, you're more of an authority because you're an ET poster and you know more about markets and assets and such.
The other message is that you're saying he was lying (maybe you meant misleading) because he didn't really mean bitcoin is like gold a speculative asset and store of value, and to prove it, you say he's not trading it for the fed gold stash/cash. I think you have to be careful with this message. Powell knows how powerful his words are, and if he's found to be issuing a statement he doesn't believe to be true in front of a Senate Banking Committee, no less, well you know, that's not a message that should be taken lightly, yours or his.
Anything can be store of value. Baseball cards, cabbage kids, expensive cars. As long as you find another idiot who pays more for it, that is a store of value.
But we took notice, definitely not currency.
Now I am going to buy a nice bitcoin necklace.
Pekelo, my friend. I'm glad we're on the same page now and bitcoin is a store of value as declared by Fed Chairman Powell. I also agree with you that anything can be a store of value, such as gold, silver, cabbage patch kids, lambo, land, real estate, etc....
Now that's settled, there are 3 questions that you have to ask when storing your value into an asset:
1. What is the market situation for this asset, you know, liquidity? If you store your riches in cabbage patch kids, I don't think you can get your value if you have an emergency or something, and boy, the slippage is going to be brutal.
2. Where can you buy or sell your SoV asset? If you put a couple of million in an Italian Villa and suddenly you had to flee, your stored value is stuck at that place unless you can instruct a local relative or lawyer to sell on your behalf.
3. How much gold can you bring with you as you travel? I doubt you can bring a pound with you without having to explain it or getting confiscated
Bonus: Which SoV asset value can you transfer across thousands of miles to another person/entity in a short time (i.e. an hour) so the recipient can get the value out and use it? Have you tried shipping a house across the oceans? Postage fee would be very high, I'd imagine.
Try plugging in bitcoin at all of those ?s as the SoV asset...
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lovethetrade
If you decode their comments carefully I think you can see where this is heading. They are gearing towards acceptance of Libra as the first stable coin for payments backed by government-issued currency and Bitcoin as a legitimate 'universal' store of value.
They've known about Libra for ages and probably had hundreds of meetings behind closed doors already. This is simply PR work and playing to the script. The interests of Facebook and the US government are one and the same.
They've known about Libra for ages and probably had hundreds of meetings behind closed doors already. This is simply PR work and playing to the script. The interests of Facebook and the US government are one and the same.