Bitcoin prices fall on Wednesday after Federal Reserve Chairman Jerome Powell said the central bank has no intention of holding digital currencies and signaled a more cautious approach to rate cuts in 2025 did.
“We are not allowed to own Bitcoin,” Powell said at a Wednesday press conference. “That's something for Congress to consider, but we're not asking for a change in the law.” At the F.B. ”
Powell's comments came in response to a question about whether he thought it was worthwhile for the U.S. to increase its Bitcoin reserves as a way to stay ahead of the competition as other countries adopt cryptocurrencies. This is an idea proposed by President-elect Trump. Bitcoin prices fell more than 5% on Wednesday afternoon after the press conference.
Experts warn of risks associated with volatile cryptocurrencies, but Bitcoin's value remains here as President-elect Donald Trump appears poised to create a more welcoming regulatory environment It has skyrocketed in a few months.
President Trump said in July that he intends to make the United States “the crypto superpower of the planet and the Bitcoin superpower of the world.” In September, President Trump used family ties to help develop a new cryptocurrency business, and earlier this month he named former PayPal executive David Sachs as the “White House AI and Cryptocurrency Czar.” He also nominated crypto ally Paul Atkins to head the Securities and Exchange Commission.
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As of Wednesday afternoon, Bitcoin's price was over $101,000, up more than 125% since the beginning of the year. The cryptocurrency hit an all-time high of over $108,000 earlier this week.
