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FED’s Bullard: Bitcoin Poses No Threat to US Dollar

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  • FED’s Bullard says Bitcoin poses no threat to the US dollar.
  • Bullard stressed investors need a safe space.
  • Established financial firms started huge investments into BTC.

According to St. Louis Federal Reserve President James Bullard, Bitcoin (BTC) does not pose a serious threat to the US dollar’s status as the world’s reserve currency.

Bitcoin Poses No Threat to US Dollar Says Bullard

In an interview with CNBC last week, Bullard expressed his views on BTC. Bullard explained that the increasing investor interest in BTC, along with new all-time high prices, does not pose a threat to the US dollar as the world’s reserve currency.

Bullard expressed concerns about widespread financial transactions using diverse cryptocurrencies that governments do not issue. However, dollars can be traded electronically, so he is not sure that’s really the issue here. Moreover, the problem is privately issued currency.

Before the Civil War, it was normal for banks to give their own notes, Bullard said. However, he compared it to Bank of America, JPMorgan, and Wells Fargo, all having certain brands of dollars. Notably, the same scenario is taking place here for Bitcoin.

Regarding whether Bitcoin is not a threat to the US dollar, Bullard added that competition is nothing new and has existed for centuries. Moreover, he said investors need a safe space, and there won’t be any changes in the future.

Bullard said,

“It is a currency competition, and investors want a safe haven. They want a stable store of value, and then they want to conduct their investments in that currency.”

Bullard’s comments came shortly after the price of bitcoin surged $50,000 per coin for the first time. Currently, the BTC price is at $56,433 with a 24-hour trading volume of $55.6 billion, according to CoinGecko.

The most recent leg higher for bitcoin follows moves into the crypto space by established financial firms like BNY Mellon and Mastercard. Even more, Tesla announced its $1.5 billion investment into BTC. While UBER made crypto as the means of payments.

Also, Dan Nathan recently announced that the US government will not allow Bitcoin to replace Dollars. Furthermore, not allowing the dollar to fall away from being the world’s reserve currency.

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