Skip to content
Active Currencies: 17,375
Market Cap: $2.311T
Bitcoin Dominance: 55.71%
24h Market Cap Change: $-2.59

Former Fed guv not surprised by Bitcoin’s current market performance
Written by Written by Alisha Roy
Reviewed by Reviewed by Alisha Roy
Updated January 6, 2021

Former Fed governor Kevin Warsh believed that US dollar is losing value and this situation seems to be affecting Bitcoin in a positive way. Kevin Warsh was a governor of the Federal Reserve System during and in the aftermath of the 2008 financial crisis. In a recent interview on CNBC’s Squawk Box, the former government official analyzed US dollar, gold and Bitcoin.

He stated that the rise in the price of the digital asset did not surprise him, in a period of “dollar weakness.”

Many believe that Bitcoin’s increasing prices stem from growing institutional investment, while others think young investors are opting for Bitcoin instead of gold and other assets. Further, Warsh said in a statement:

If Bitcoin never existed, gold would be rallying even more right now, but I guess if you are under 40, Bitcoin is your new gold.

Image Source: Twitter

According to Kevin Warsh, US monetary policies followed by the Fed “have never changed so radically since the Paul Walker era.” Further, Warsh believed that Bitcoin is becoming more mainstream and has the potential to become an alternative currency.

Considering the economic conditions we are in, Warsh also thinks that it may make sense to reserve a place for Bitcoin in the investment portfolio and said: 

I think Bitcoin does make sense as part of a portfolio in this environment.  

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Alisha Roy

Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

Related Articles

AMBCrypto
Facebook X Instagram Youtube Linkedin

AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.