Fed President Jerome Powell also mentioned cryptocurrency in a statement at the Chicago Economic Club, causing an increase in Bitcoin price volatility.
Here is the statement from Chairman Jerome Powell on Cryptocurrencies, Stablecoins and Artificial Intelligence.
- Cryptocurrencies are becoming increasingly popular, and creating a legal framework for Stablecoins is a good idea.
- Stablecoins have a wide range of appeal and need to establish consumer protection.
- A “partial easing” of banking regulations regarding cryptocurrency is expected.
- AI is one of two or three factors that can lead to fundamental changes in the economy, but its ultimate impact is difficult to predict.
- Artificial intelligence is still in its early stages.
Following Powell’s statement, Bitcoin responded:
*This is not investment advice.
