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Fed Chair Powell: Bitcoin Is 'Like Gold, It's Just Virtual And Digital'

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Fed Chair Powell: Bitcoin Is 'Like Gold, It's Just Virtual And Digital'

Federal Reserve Chair Jerome Powell addressed the perception of Bitcoin BTC/USD at the DealBook Summit on Wednesday, asserting that the cryptocurrency is more akin to gold than the U.S. dollar.

“People use Bitcoin as a speculative asset. It’s like gold—it’s just virtual and digital,” Powell said during the discussion.

Powell dispelled notions that Bitcoin undermines the Federal Reserve or the strength of the U.S. dollar and highlighted that Bitcoin is not being used as a primary form of payment or as a reliable store of value due to its high volatility.

“It’s not a competitor for the dollar. It’s really a competitor for gold,” he added.

Asked about a potential national Bitcoin reserve, Powell stressed the Federal Reserve’s objective of keeping the banking system “safe and sound.”

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Possible interaction between the cryptocurrency ecosystem and the traditional financial banking system should not threaten the latter’s health, Powell said.

He further pointed out that it isn’t the Federal Reserve’s responsibility to regulate the cryptocurrency industry.

Asked whether he owns any Bitcoin himself, Powell said “he is not allowed” to own it.

Also Read: Michael Saylor Says Microsoft Could Add $4 Trillion In Valuation By Investing In Bitcoin

Powell also discussed the state of the U.S. economy, saying it “is in remarkably good shape.”

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Powell attributed this strength to stable growth and decreasing inflation.

He noted that the economy is growing at approximately 2.5% annually, while inflation has decreased from over 7% to around 2.3%, all while maintaining steady unemployment rates.

This economic stability allows the Federal Reserve the flexibility to adopt a cautious approach towards reaching a “neutral” interest rate level.

This methodical approach aims to minimize risks; moving too quickly might reverse progress on inflation, while a slow approach might hurt the labor market.

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Westlake police say cryptocurrency scam cost woman over $5,000

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Westlake police say cryptocurrency scam cost woman over ,000

WESTLAKE, Ohio – A convenience store clerk at 1:30 p.m. on Nov. 26 alerted a police dispatcher that a female customer was feeding large amounts of cash into a cryptocurrency ATM at the store on Center Ridge Road at Dover Center Road.

The clerk said the customer would not believe the clerk’s warning that she was being scammed.

Officers arrived to find the 71-year-old still “anxiously depositing” cash into the machine. Officers told her to stop, but she did not believe the uniformed men. The officers talked to her for several minutes before she finally believed that there was an issue. She was still on the phone with the scammer at the time.

The incident started that morning when the victim received a pop-up message on her home computer instructing her to call a provided support phone number due to a supposed issue with the computer’s operating system. She called the number and was connected to a man who claimed he was a representative from Apple, according to a police department press release.

The man talked her into allowing him remote access to her computer while he asked for her bank information. The scammer talked the victim into believing that there was a problem with her accounts, and she was at risk of losing $18,000 in connection with pornographic websites out of China or Mexico.

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She was connected to a fake fraud department for her bank, and another scammer persuaded her to go to a bank and withdraw as much cash as they would allow. The scammer even told her to give the teller a story about needing cash to buy a car. The perpetrator kept the woman on the phone as she took out cash and traveled to the crypto ATM. The victim had deposited approximately $5,500 before officers persuaded her to stop. The Westlake Detective Bureau is attempting to recover the lost funds.

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Read more from the West Shore Sun.

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Youtube Expands Creator Monetization Using Paypal USD Stablecoin

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Youtube Expands Creator Monetization Using Paypal USD Stablecoin
Youtube has reportedly begun letting U.S. creators receive payouts in Paypal’s dollar-pegged stablecoin, Paypal USD (PYUSD), signaling a shift toward regulated digital currencies as mainstream payment tools and deepening stablecoins’ role in creator monetization.
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Cryptocurrency Company Tether Bids For Italian Soccer Club Juventus

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Cryptocurrency Company Tether Bids For Italian Soccer Club Juventus
Stablecoin issuer Tether said Friday it has submitted an all-cash offer to buy Italian soccer juggernaut Juventus from the Agnelli family, a novel bid by a cryptocurrency company to acquire a blue-chip global soccer club from one of Europe’s most storied dynasties.

Tether is the largest stablecoin issuer with $186 billion of its USDT tokens in circulation. The company previously took an

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