People don’t want a ‘non-uniform currency’ like Bitcoin, says Fed President

James Bullard, presidente della Federal Reserve Bank of St. Louis, seemingly doesn’t understand why many are looking to cryptocurrency as a medium of exchange instead of a uniform currency like the U.S. dollaro.

In un'intervista con Squawk Box della CNBC oggi, Bullard said the issue for making payments isn’t currencies that can be traded electronically, but rather privately-issued ones, as is the case for many cryptocurrencies. He referenced a time in the United States before the Civil War when there was confusion and a dislike for trading the “equivalent of Bank of America dollars and JPMorgan dollars and Wells Fargo dollars.”

“I think the same thing would occur with Bitcoin here,” said Bullard. "Non vuoi andare a una valuta non uniforme in cui stai entrando in Starbucks e forse pagherai con Ethereum, forse pagherai con Ripple, forse pagherai con Bitcoin, maybe you’ll pay with a dollar — that isn’t that isn’t how we do this.”

The Fed president referenced other privately-issued currencies globally which are required to abide by the same restrictions as any currency issued by a central authority. He said private currencies aren’t able to maintain a stable value against goods and other currencies, nor is their future supplyat all clear.

Bullard’s comments came as Bitcoin (BTC) hit a new all-time high price of more than $50,000 questa mattina. Though the Fed president said characterizing the crypto asset as a rival to gold “might be a good way to think about” Bitcoin, he largely reserved his bullish remarks for the U.S. dollaro.

“It’s going to be a dollar economy as far as the eye can see and a dollar global economy really as far as the eye can see. Whether the gold price goes up or down or the Bitcoin price goes up or down doesn’t really affect that.”

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fonte: Cointelegraph

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