Bitcoin has surpassed $100,000 after Donald Trump's election victory, leading to anticipation in the crypto community that the Trump administration will support cryptocurrency and establish a strategic BTC reserve for the United States. However, Bill Dudley, former president of the Federal Reserve Bank of New York, has criticized Bitcoin's role as money, citing its volatility and lack of income generation as weaknesses. Dudley expressed concerns about incorporating Bitcoin into the US national reserves, stating that it would not benefit most Americans and could undermine the dollar's global reserve currency status. He also called for the Trump administration to focus on creating a regulatory framework for the crypto industry rather than using Bitcoin as a reserve asset. Despite these concerns, there is market optimism and expectations of a more crypto-friendly administration.
- Content Editor ( coinpedia.org )
- 2024-12-06
Former NY Fed President Argues Bitcoin Could Undermine USD, Suggests Prioritizing Regulatory Framework