BTC is labeled as speculative in nature..."not a currency but an investment asset"
BTC maintains $98,000 after failing to reach $100,000
);)
In an interview with The New York Times on the 4th, when asked whether the recent surge in BTC indicates a loss of confidence in the dollar and the Fed, Powell said, "People don't think that way," and "BTC is like gold, but virtual and digital, not a competitor to the dollar."
Chairman Powell left the impression that BTC, due to its price volatility, is not usable as a currency and is a speculative asset comparable to gold. He explained that "due to its high volatility, BTC should be interpreted as a speculative asset competing with gold, rather than a currency, compared to the dollar."
In response to Powell's remarks, BTC, which had been fluctuating after the martial law incident in South Korea on the 3rd, surged about 3% on the 5th, breaking through $99,000 in an instant. Except for a brief surge and plunge in the past week, BTC has been hovering around $95,000 to $96,000.
However, despite Powell's remarks, BTC failed to cross the "magic $100,000" and fell back to $98,000.
As of 9:47 am on the 5th, based on CoinMarketCap, BTC is recorded at $98,466.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
