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The price of Bitcoin has skyrocketed after Jerome Powell acknowledged that the dollar faces a systemic threat from cryptocurrencies.

Bitcoin was returned to $ 10,000 on Wednesday (US time) after Federal Reserve Chairman Jerome Powell acknowledged the importance of central bank development of blockchain technology.

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Jerome Powell emphasized that the Federal Reserve is investing heavily in digital currency development. Powell also cheered, and he acknowledged that cryptocurrencies can become a systemic risk for the US dollar for a long time.
China ’s Belt and Road Initiative is expected to launch digital currencies soon, and the Federal Reserve has made it clear that the United States is doing its best to keep up with the times.
The original dim testimony of Federal Reserve Chairman Jerome Powell mentioned that Bitcoin was very interesting, and then BTC / USD surged 4% to $ 10,200.

After Congressman Bill Foster raised concerns about keeping pace with Chinese digital currency ambitions, the cryptocurrency market has skyrocketed. Powell responded by saying that the Fed is doing "many projects."

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It is well documented that China has ambitious ambitions in the digital currency field. Mr Foster's ambitions about China have focused on the risks posed by the dollar's status as a global reserve currency. Jerome Powell said bitcoin was higher in the US midday after the Federal Reserve was seriously trying to keep pace with the development of China's digital currency. Source-Yahoo Finance

Bitcoin investors see this as a positive development, as Powell acknowledged that Ball acknowledged that the Federal Reserve would be “vigilant” about blockchain development, so Bitcoin / USD surged.
Despite the impressive response from the cryptocurrency market, the Fed Chairman remains vigilant about the implementation of digital dollars due to privacy concerns:
In the United States, the idea of ​​using a distributed ledger to record everyone's payments is not particularly attractive; but in China this is not a problem.

Nevertheless, Powell was clearly aware that the theoretical implementation of Facebook's Libra digital currency changed the rules of the game, and the relevant agencies of the Federal Reserve now understand the importance of "making rapid progress in this area."

It's clear why, in this case, Bitcoin has rebounded so aggressively because the most powerful people in the financial world acknowledge that digital currencies can undermine the speed and scale of the dollar. This is a positive change in the FOMC's historical perspective on this issue.

China's `` Belt and Road '' initiative is expected to leverage digital currency utilization

Another positive aspect of China's issuance of digital currencies is a strong reminder that encryption technology will become the mainstream technology in the world's second largest economy. China plans to use blockchain in its Belt and Road Initiative.

Powell has been open to Bitcoin in the past and even acknowledged that it is a value store like gold. Today, he further demonstrates the Fed's high level of intellectual investment in cryptocurrencies.

Bitcoin will benefit from better institutional understanding

For the world's largest central bank, people have a better understanding of blockchain technology, which may be good news for Bitcoin.

Bitcoin has been running large amounts of money since last December, and this week seems to have firmly regained the $ 10,000 level. With the upcoming spring halving, things look more and more stable, especially after Powell commented today.

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