Bitcoin a "substitute for gold", FED Chair Powell says

Bitcoin a “substitute for gold”, FED Chair Powell says

United States Federal Reserve Chair, Jerome Powell recently made some statements about Bitcoin that may have impacted the asset’s price shortly. According to Powell, the crypto asset may not be suitable to be a currency due to its volatility and the fact that Bitcoin is “backed by nothing.” Powell, however, stated that the crypto can be a “substitute for gold.”
Source: igaming