Fed Report Puts Bitcoin Alongside Gold As ‘Store Of Value’
A new Federal Reserve report says Bitcoin BTC/USD shares most of the features of a store of value, such as gold.
What Happened: This comes amid rumors that the U.S. Securities and Exchange Commission is looking at ways to ban crypto staking for retail customers, which has got Coinbase COIN CEO Brian Armstrong concerned.
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The Federal Reserve published a new 31-page Bitcoin research report titled: “The Bitcoin–Macro Disconnect,” which said that the apex crypto “shares most of the features of a store of value, such as gold.”
“In our empirical analysis, we find that Bitcoin is unresponsive to both monetary and macroeconomic news. In particular, the result that Bitcoin does not react to monetary news is puzzling as it casts some doubts on the role of discount rates in pricing Bitcoin,” the report adds.
Price Action: BTC was trading at $22,920, down 1.70% in the last 24 hours, according to Benzinga Pro.
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