Bitcoin poses no threat to the dollar as the world’s currency leader

Central banker Bullard expressed concerns about the proliferation of privately issued digital currencies

St. Louis Federal Reserve President James Bullard told CNBC on Tuesday he believes increasing interest in bitcoin does not pose a serious threat to the U.S. dollar as the world’s reserve currency.

“I just think for Fed policy, it’s going to be a dollar economy as far as the eye can see — a dollar global economy really as far as the eye can see — and whether the gold price goes up or down, or the bitcoin price goes up or down, doesn’t really affect that,” Bullard said on “Squawk Box.” 

Bitcoin, in particular, has been championed by crypto bulls as a store of value that can be used to hedge against inflation or the debasement of fiat currencies like the dollar. Some have touted it as “digital gold.” In addition, bitcoin and other cryptocurrencies also present themselves as a way to buy goods and services like actual money.

https://www.cnbc.com

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