Bitcoin and Blockchain Appear In The Senate
Jerome Powell, the US president of the Aduti Candidate for Federal Reserve Presidency, responded, before the Senate Board of Banking series of issues, some of which are related to the crypto industry.
Senator David Perdue questioned Powell about his thoughts on cryptocut and block technology.
“It’s a bit out of the wall, but I’m very worried that we have another balloon that’s four at the end of the 1990s or five times the dot-com balloon. And it has to do with crypto currencies like Bitcoin.” Senator Perdue said. the value of Bitcoin is now higher than anything but 29 S & P 500 companies in the US, “he added.
Powell answered
“In the long run, things can be the crypto valute of this kind of meaning. They are not really important today, they are simply not large enough, it’s not close enough close to volume to attract it.”
This is partly true when determining how much money is poured into the crypto market. However, Bitcoin has the highest concentration of $ 168 billion, followed by Ethereum with $ 45 billion. These two currencies, which together make up 312 million dollars, account for 70 percent of market capitalization for cryptocoupling.
“It was a problem with the dot-com balloon, at the second level,” Senator Perdue entered. “There were so few companies and there was not so much money that it was worth it to run, and that’s what is happening now in the Bitcoin area,” he said in a possible reference to the 21 million units of Bitcoin emissions limit, ” The [dotcom bubble] growth had much, much faster than anybody thought at the moment in the late 90s, “Senator Perdue added.
Powell answered carefully.
“Yes, there is no doubt that last year’s opinions are really no longer there, of course, there is no view at the appropriate level of difficulty. From our point of view, the crypto currency is monitored very carefully
.We consider the block chain actually as something in the wholesale sector Economy, to which we are very careful. ”
Senator Perdue is pushing a little further.
“Well, look what Alibaba is doing today in Asia, compared to Blockchain technology?”
“We are following all these technologies, it’s something we have to do, I think, and it’s something that’s really fun and interesting,” Powell replied.
Powell added that the Federal Reserve will continue to slowly raise interest rates against conventional monetary policy.
If confirmed by the Senate, Powell will replace current President Janet Yellen after her term ends on February 3, 2018.
https://blockinsider.net/2017/12/bitcoin-blockchain-appear-senate/
Pretty soon they'll put their fingers in your cheese, because you are not allowed to win.
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