Summary List Placement
- Cryptocurrencies like bitcoin are too volatile to replace the dollar, Fed Chair Jerome Powell said Monday.
- Bitcoin has surged in price as companies including Tesla and Square invest in the token.
- The Fed is still exploring use cases for a digital currency issued by the central bank, Powell said.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Federal Reserve Chair Jerome Powell said Monday that, while the central bank is still exploring the potential for a central bank digital currency, cryptocurrencies like bitcoin can’t serve as an effective replacement to the US details ⇒
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