{"id":10086,"date":"2020-02-14T04:18:54","date_gmt":"2020-02-14T04:18:54","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=10086"},"modified":"2020-02-14T04:18:55","modified_gmt":"2020-02-14T04:18:55","slug":"news-commentary-990-us-fed-takes-interest-in-cryptos","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=10086","title":{"rendered":"News Commentary #990 – US \u201cFed\u201d Takes Interest in Cryptos"},"content":{"rendered":"\n

Bitcoin Reaches $10,200.<\/strong><\/p>\n\n\n\n

In a recent article in Cryptocurrency News<\/em> by Francois Aure, it was acknowledged (finally) that cryptos do indeed pose a threat to the US dollar.\u00a0 This was implicit in statements by the US Federal Reserve Chairman when he indicated that the Fed will be actively trying to keep pace with developments in the crypto field.\u00a0 All this goes along with the recent spike in the BTC\/USD pair to over $10,000.\u00a0 These are exciting times for crypto investors and we at EmilyNews<\/em> will do our best to keep you abreast of what\u2019s happening in this department by periodically passing along articles that we feel might be of interest to you.<\/p>\n\n\n\n

Here\u2019s\nthe article from Cryptocurrency News<\/em>\u2026 \n<\/p>\n\n\n\n

Bitcoin Price Soars as Jerome Powell Confirms Crypto\u2019s Threat to U.S. Dollar<\/strong><\/p>

The price of bitcoin soared after Jerome Powell acknowledged that systemic threats have triggered a lot of digital currency projects.<\/p>

Bitcoin retook $10,000 Tuesday after Fed Chair Jerome Powell acknowledged the importance of blockchain development at the central bank. <\/p>

The price of bitcoin jumped on Tuesday after Jerome Powell stressed that the Fed is investing a significant amount into digital currency developments.<\/strong><\/p>

Adding fuel to the fire, Powell also acknowledged how quickly crypto could become a systemic risk to the USD.<\/strong><\/p>

China\u2019s \u201cBelt and Road\u201d initiative is expected to roll out a digital currency very soon, and the Fed Char was clear that the U.S. was doing its best to keep pace.<\/strong><\/p>

An otherwise dull testimony from Federal Reserve Chairman Jerome Powell got very interesting for bitcoin, as BTC\/USD spiked 4% to $10,200.<\/p>

Cryptocurrency markets soared after Congressman Bill Foster raised concerns about the need to keep pace with China\u2019s digital currency ambitions to which Powell responded that the Fed has a \u201clot of projects\u201d underway.<\/p>

Bitcoin Surges After Powell Acknowledges Fed Is Working Hard on Crypto<\/strong><\/p>

It is well documented that China has tremendous ambitions in the realm of digital currency. Congressman Foster\u2019s concerns about Beijing\u2019s ambitions centers on the risks posed to the U.S. dollar\u2019s status as global reserve currency.<\/p>

Bitcoin went vertical midday after the Jerome Powell indicated the Fed was making a serious effort to keep up with China\u2019s digital currency development.<\/p>

Bitcoin investors took this as a positive development, as BTC\/USD soared on Powell\u2019s acknowledgment that the Fed would \u201ckeep the fire lit\u201d regarding blockchain development.<\/p>

Despite the impressive response from cryptocurrency markets, the Fed chair was still guarded about the implementation of a digital dollar due to privacy concerns:<\/p>

Fed Chair: Dollar Could Face Systemic Risk from Digital Currency<\/strong><\/p>

Despite this, Powell was clear that the theoretical implementation of Facebook\u2019s Libra had been a game-changer, and that his institution now understands the importance of making \u201cquick progress in this area.\u201d<\/p>

It\u2019s quite obvious why bitcoin would rally so aggressively in this instance, as the most powerful man in finance acknowledged the speed and scale in which digital currency could disrupt the dollar.\u00a0This is a definite change of tone from the FOMC\u2019s historical opinion on this issue.<\/a><\/p>

China\u2019s Belt and Road Initiative Expected to Utilize Crypto<\/strong><\/p>

An additional positive from this exchange is the stark reminder that crypto is about to become a mainstream technology for the world\u2019s second-largest economy. China is planning to use blockchain\u00a0in its \u201cbelt and road\u201d initiative<\/a>.<\/p>

Powell has been quite open about bitcoin in the past,\u00a0even acknowledging that it is a store of value like gold<\/a>. Today he further demonstrated the high level of intellectual investment that the Federal Reserve is making into cryptocurrency.<\/p>

Bitcoin to Benefit from Better Institutional Understanding<\/strong><\/p>

It\u2019s probably good news for bitcoin that the world\u2019s largest central bank has a better understanding of blockchain technology.<\/p>

Bitcoin has been on a tremendous run since December and looks to have firmly retaken the $10,000 handle this week. With the upcoming halving in the spring, things are looking increasingly stable, particularly after Powell\u2019s comments today.<\/p><\/blockquote>\n\n\n

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Bitcoin Reaches $10,200. In a recent article in Cryptocurrency News by Francois Aure, it was acknowledged (finally) that cryptos do indeed pose a threat to the US dollar.\u00a0 This was implicit in statements by the … News Commentary #990 – US \u201cFed\u201d Takes Interest in Cryptos<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,3811,3545,1874,2189,3544,3669,3546,3547,3813,3812],"class_list":["post-10086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-emilynews","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-investment","tag-bitcoin-news","tag-bitcoin-price-update","tag-bitcoin-update","tag-bitcoin-updates","tag-crypto-emily-news","tag-cryptonews","exalt-entry"],"yoast_head":"\nNews Commentary #990 - US \u201cFed\u201d Takes Interest in Cryptos - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=10086\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #990 - US \u201cFed\u201d Takes Interest in Cryptos - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Reaches $10,200. In a recent article in Cryptocurrency News by Francois Aure, it was acknowledged (finally) that cryptos do indeed pose a threat to the US dollar.\u00a0 This was implicit in statements by the … News Commentary #990 – US \u201cFed\u201d Takes Interest in CryptosRead more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/emilynews.com\/blog\/?p=10086\" \/>\n<meta property=\"og:site_name\" content=\"EmilyNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-14T04:18:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-14T04:18:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emilynews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emilynews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10086\",\"url\":\"https:\/\/emilynews.com\/blog\/?p=10086\",\"name\":\"News Commentary #990 - US \u201cFed\u201d Takes Interest in Cryptos - EmilyNews\",\"isPartOf\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10086#primaryimage\"},\"image\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10086#primaryimage\"},\"thumbnailUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\",\"datePublished\":\"2020-02-14T04:18:54+00:00\",\"dateModified\":\"2020-02-14T04:18:55+00:00\",\"author\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\"},\"breadcrumb\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10086#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/emilynews.com\/blog\/?p=10086\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10086#primaryimage\",\"url\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\",\"contentUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\",\"width\":200,\"height\":200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10086#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/emilynews.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Commentary #990 – US \u201cFed\u201d Takes Interest in Cryptos\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/emilynews.com\/blog\/#website\",\"url\":\"https:\/\/emilynews.com\/blog\/\",\"name\":\"EmilyNews\",\"description\":\"EmilyNews Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/emilynews.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\",\"name\":\"Emilynews\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"caption\":\"Emilynews\"},\"url\":\"https:\/\/emilynews.com\/blog\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"News Commentary #990 - US \u201cFed\u201d Takes Interest in Cryptos - EmilyNews","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/emilynews.com\/blog\/?p=10086","og_locale":"en_US","og_type":"article","og_title":"News Commentary #990 - US \u201cFed\u201d Takes Interest in Cryptos - EmilyNews","og_description":"Bitcoin Reaches $10,200. 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