Federal Reserve Chairman Jerome Powell clarified that the central bank is not planning to own bitcoin, citing the Federal Reserve Act as a barrier to such an endeavor. This statement was made in response to questions about the possibility of building a reserve of the digital currency.
President-elect Donald Trump had proposed using bitcoin to stay ahead of other countries embracing cryptocurrency. However, Powell emphasized that any future developments would require congressional approval rather than action from the Federal Reserve.
Despite these comments, bitcoin’s value continued to rise, with prices above $101,000 at press time, up 125% from the start of the year. This surge in value is partly attributed to Trump’s pledge to create a more favorable regulatory environment for cryptocurrencies.
Source: https://eu.usatoday.com/story/money/2024/12/18/federal-reserve-bitcoin-powell-trump/77073856007