US Fed Inches Closer to Embracing Cryptocurrencies

Colleagues, the St. Louis Fed appears much more receptive to the emerging crypto world order than other US Fed branches. Its Governor James Bullard attended the recent Consensus Crypto Conference in NYC. Moreover, his branch has added data points are obtained from San Francisco-based cryptocurrency exchange platform Coinbase with daily updates at 5 pm PST to its FRED economic barometer. Coinbase is a is a digital currency platform and wallet and platform where consumers and merchants alike transact new digital currencies  Nevertheless, the St. Louis Fed cites three similarities between cryptocurrencies and the US dollar. First, there is no middleman. Second, their intrinsic value is fiat-based (ever since the US dollar was delinked to the price of gold bullion in 1971. And third, both are in limited supply. So where does this leave the Fed’s relationship with cryptocurrencies? The answer depends upon who you ask. The St. Louis Fed does not have the gravitas enjoyed by the New York, Boston and San Francisco Fed branches.  And US Fed Chair Jerome Powell remains skeptical at best. However, the Cryptocurrency Academy predicts that this sentiment is likely to change over the next 3-5 years. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)