When discussing Bitcoin's $ 50,000 cost, Bitcoin is more like gold than cash, which is not so important to him.
Regarding the Fed's strategy, the dollar economy will be as frequent as meets the eye.
Moreover, the global economy must be in dollars, obviously.
Regardless of whether the cost of gold goes up or down, or whether the cost of Bitcoin goes up or down, it doesn't really matter.
St. Louis Federal Bank is one of 12 federal reserve banks whose heads educate financial arrangements related to the central financial framework of the United States.
As "Bullard" pointed out, Bitcoin, like gold, will be ignored, as has happened with gold over the past fifty years, and explained by saying:
The cost of gold has risen everywhere since the 1970s and 1980s, and that hasn't affected the Fed's strategy.
Bitcoin is a competitor for gold, but it does not appear to have been undermined by all accounts on the grounds that Bitcoin's unpredictable value makes it unwanted as a mechanism of trade, he said this way:
There is undoubtedly a competition in monetary standards in general ...
They need to generally stick to the same restrictions we impose as a whole to try to get the money framework working.
It must have the strength with respect to future stocks, and it must have constant incentive against different commodities and against different forms of monetary.
Private cash forms will not do that.
This is simply necessary to compete for exceptionally old coins.
The dollar will go to the fore.
Pollard is right about the current unpredictability of Bitcoin's costs.
A month ago, with Bitcoin's value reaching around $ 30,000, unpredictability was at its highest since March 2020, when Bitcoin's value rapidly plummeted to $ 6,000.
The cost has since risen to $ 51,000.
Whatever the case, verifiable oscillations don't really mean permanent contrasts.
If the Tesla electric car maker starts to carry Bitcoin (as it intends to do so) and does not quickly change the supplier into dollars (as it has been said it may happen), we will begin to break into the fiat money framework.
Financial backers do not need a supermarket or a medium of commerce, but rather both. He declared:
Financial backers need a place of refuge, they need stable warehouse at a great value.
At this point they need to make their interests in this money.
It will be very difficult to obtain a private coin.
Bitcoin really looks like gold, and it can do its part, so I don't think that's where we'll see any future changes.