NYC Fed Chair nominee: cryptocurrency will not replace dollar

The United States has several Federal Reserve Districts with local Federal Reserve Banks designed for the nationwide optimization of the Fed as a whole. One of such banks in New York state can potentially become headed by John Williams who heads the San Francisco Fed branch at the press time.

This authority figure thinks that Bitcoin and other digital currencies would not replace fiat or regular currencies in any considerable future. He noted that this phenomenon did not even pass the test for a real currency. This position would not have been a surprise for his colleagues who are skeptical about digital coins and similar projects. Another person connected with the Federal Reserve has recently stated that mining was worse than frivolous when everybody clearly sees how the power grid of America needs a big-scale upgrade and repair.

Current Fed leader Jerome Powell has noted that digital currencies were not a threat to the economy of America, and this leaves this market without the immediate threat of Fed opposition. He said this when he was a nominee as well.

While it would actually be hard to replace the #1 world currency, Bitcoin and altcoins are still attracting more and more consumers. This made Goldman Sachs to take proactive steps and hire a new financial specialist to the digital asset markets department. As the media tells, Justin Schmidt has actual experience in crypto trading.

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