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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Trump's 'BTC reserve' dream shattered? Fed Chairman Powell's 'one sentence' rocked the currency market
Jerome Powell, the chairman of the Federal Reserve (Fed), stated on Wednesday that the Fed is not allowed to get involved in Bitcoin (BTC) and has no intention of participating in any actions to reserve BTC, nor does it seek to change existing regulations.
Powell said at the press conference after the interest rate decision meeting on December 18th, 'We are not allowed to hold BTC.'
Regarding the legal issues of the Fed holding BTC, Powell further stated: 'This should be decided by Congress, but we are not currently seeking to change existing regulations.'
After Powell made the above remarks, market confidence was greatly affected, and the price of BTC quickly fell. It briefly dropped below the $100,000 mark this morning (19th).
Powell's remarks responded to the question of whether the Fed would participate in the establishment of a 'BTC strategic reserve.' During the campaign, Trump proposed the creation of a 'BTC national strategic reserve,' even mentioning the possibility of using 200,000 seized BTC (approximately $21 billion) as the basis for the reserve, but the details are still unclear.
Republican Senator Cynthia Lummis has proposed the BTC Reserve Act, suggesting that the U.S. Department of the Treasury purchase 200,000 BTC per year until the total reserve reaches 1 million BTC.
As for the source of funds for buying BTC, it could be deposits or gold reserves of the Federal Reserve. However, according to Barclays Bank's analysis, implementing this plan may require congressional approval and the issuance of new public debt, but analysts believe that this plan may face strong resistance from the Fed.