Cryptocurrency holders around the world breathed a huge sigh of relief after Federal Reserve Chairman Jerome Powell declared that the U.S has no plans to ban cryptocurrencies.
Powell’s comments came during the Treasury’s Department Pandemic response hearing in which he stated that Bitcoin along with other cryptocurrencies will not be banned.
The chairman’s comments comes weeks after China issued a ban on cryptocurrency.
China’s ban on crypto made Bitcoin take a slight dip but now that the U.S. has clearly announced they will not be following China’s lead, Bitcoin saw a 9% spike.
Federal Reserve Chairman Jerome Powell clearly states that the United States has no intention to ban bitcoin. pic.twitter.com/Lsf2FTpO8z
— Pomp 🌪 (@APompliano) September 30, 2021
Bitcoin jumps 9% after US Federal Reserve gives cryptocurrencies the all-clearhttps://t.co/5Vwad5EXiD
— Rupert Williams (@LongTheDow) October 2, 2021
Nasdaq had more on the story:
Federal Reserve Chairman Jerome Powell has confirmed that the U.S. has no plans to ban Bitcoin and cryptocurrencies.
On Thursday afternoon during the Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response hearing Federal Reserve Chairman Jerome Powell confirmed that the U.S. has no plans to ban Bitcoin and cryptocurrencies.
During the hearing, House Representative Ted Budd (R-N.C) questioned Chairman Powell about the state of inflation in the United States. Powell deflected the inflation questions, claiming the inflation in this country is due to the oft-repeated supply chain crises caused by the Government’s pandemic response.
Effectively the chairman said that the Fed’s hands are tied when it comes to inflation and that relief will come. Powell suggested inflation should go down in “the first half of next year.”
China’s loss is America’s gain. #Bitcoin @mcshane_writes:https://t.co/SKdNSMz2SS
— Bitcoin Magazine (@BitcoinMagazine) September 30, 2021
Bitcoin Magazine didn’t stay silent check out what they shared:
On Thursday afternoon during the Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response hearing Federal Reserve Chairman Jerome Powell confirmed that the U.S. has no plans to ban Bitcoin and cryptocurrencies.
During the hearing, House Representative Ted Budd (R-N.C) questioned Chairman Powell about the state of inflation in the United States. Powell deflected the inflation questions, claiming the inflation in this country is due to the oft-repeated supply chain crises caused by the Government’s pandemic response.
Effectively the chairman said that the Fed’s hands are tied when it comes to inflation and that relief will come. Powell suggested inflation should go down in “the first half of next year.”
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