Source: YouTube/CNBC Television.
Bullard: “I just think for Fed policy, it’s going to be a dollar economy as far as the eye can see.”
“You don’t want to go to a non-uniform with currency,” St. Louis Fed President James Bullard told CNBC’s “Squawk Box” Tuesday right after bitcoin’s price broke above $50,000 for the first time in history. Bullard told CNBC on Tuesday he believes that 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 U.S. 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.
