Bitcoin Isn’t Currency, Can’t Replace Dollar

Bitcoin and other cryptocurrencies cannot replace the U.S. dollar because they fail the basic test of what a currency should be. That’s what John Williams, the incoming head of the Federal Reserve Bank of New York, insists.

“Cryptocurrency doesn’t pass the basic test of what a currency should be,” Williams said on April 20, as reported by CNBC. “[Currency is] basically something with a store of value [and bitcoin is not that].” Williams, who’s currently president of the Federal Reserve Bank of San Francisco, is the presumptive next president of the Federal Reserve Bank of New York. The crypto-skeptic slammed virtual currencies, saying they can never replace paper money because they are riddled with problems.

Reference: https://www.ccn.com/bitcoin-is-not-currency-cant-replace-dollar-says-incoming-new-york-fed-chief/

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