Fed nominee Powell: cryptocurrency “does not really matter” to the world market despite the latest jumps

According to Jerome Powell, who was recently picked by President Donald Trump as the next Chairman of the Federal Reserve of the United States, while the members of the Fed monitor the market and are aware of the key events on it, even with the big growth Bitcoin has just demonstrated with its new $10,000 record, the digital currencies are still not big enough.

Mr. Powell does not call Bitcoin or any other cryptocurrency a fraud, but rather, he implies that he rejects the idea that this branch of finance can be disruptive for the United States dollar and/or its financial system. “There isn't close enough volume to matter”, told the nominee at the senate confirmation hearing in response to one of the questions.

Previous Federal Reserve chair, Janet Yellen, has become a subject of prank during her speech to the House Financial Services Committee. Just as she was about to deliver an answer to some question, a man behind her quickly pulled out a paper with a big “BUY BITCOIN” on it, ensuring that this message will get on cameras. The event quickly became one of the most memorable events connected with cryptocurrency during this summer. The one who did this, known as Bitcoin Sign Guy, has later posted proofs of his connection to the event and received gifts from people who were amused by his prank. And by the way, his advice was actually good - in July, Bitcoin was worth a little more than 2000 USD, and at the press time, the price of BTC is enormous — $10,825.50.