CandleFocus Ex-Fed Chair Believes Bitcoin Reserve Might Not Be Good Idea: Details
2024-12-06
Author: Content Editor
Former chairman of the New York Federal Reserve, Bill Dudley, has expressed concerns about the inclusion of Bitcoin in the United States' national reserves. While some policymakers and crypto enthusiasts argue that a national Bitcoin reserve could hedge against inflation and diversify financial assets, Dudley believes it may worsen the government's finances by fueling inflation and holding volatile tokens that generate no income. He states that Bitcoin hardly qualifies as money and its volatility makes it an unsuitable medium of exchange. However, he acknowledges its positive attributes such as portability and semi-anonymity. Dudley suggests that a Bitcoin reserve would send the BTC price soaring but might also stoke inflation.
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