James Bullard, president of the Federal Reserve Bank of St. Louis, seemingly doesn’t understand why many are looking to cryptocurrency as a medium of exchange instead of a uniform currency like the U.S. dollar.
In an interview with CNBC’s Squawk Box on Tuesday, Bullard said the issue for making payments isn’t currencies that can be traded electronically but rather privately issued ones, as is the case for many cryptocurrencies. He referenced a time in the United States before the Civil War when there was confusion and a dislike for trading the “equivalent of Bank of America dollars and JPMorgan dollars and Wells Fargo dollars.”
“I think the same thing would occur with Bitcoin here,” said Bullard. “You don’t want to go to a non-uniform currency where you’re walking into Starbucks and maybe you’ll pay with Ethereum, maybe you’ll pay with Ripple, maybe you’ll pay with Bitcoin, maybe you’ll pay with a dollar — that isn’t how we do this.”
“You don’t want to go to a non-uniform with currency,” says the Fed’s Bullard on $BTC: pic.twitter.com/QfLgP64ST9
— Squawk Box (@SquawkCNBC) February 16, 2021
The Fed president referenced other privately issued currenciesTitle: People don’t want a ‘non-uniform currency’ like Bitcoin, says Fed president
Sourced From: cointelegraph.com/news/people-don-t-want-a-non-uniform-currency-like-bitcoin-says-fed-president
Published Date: Tue, 16 Feb 2021 17:05:10 +0000