St. According to the President of the Federal Bank of Louis, Bitcoin (BTC) is more of a rival to gold than money.
The US dollar is not tied to Bitcoin or gold, according to President Jim Bullard, who spoke to CNBC on Tuesday. According to him, Bitcoin is one of the rising crypto currencies in the market.
According to Bullard, the non-standard currency regime is not desired and there are too many options in cryptocurrency transactions. Bullard pointed to the volatility in Bitcoin and said that price stability must be established before goods and services can be purchased.
According to the popular name, the cryptocurrency market is similar to the faux dollars created in the American Civil War. Although Bullard does not like Bitcoin, many companies do not invest in Bitcoin. Tesla, for example, added $ 1.5 billion of Bitcoin to its balance sheet.
Bitcoin, which has risen more than 70% since the beginning of the year, is in a major cycle according to some analysts.