Federal Reserve Chairman Jerome Powell Say Federal Reserve Cannot Own Bitcoin

By Anthony • December 22, 2024 10:20 am • Comments

Bitcoin prices took a slight dip recently after Federal Reserve Chairman Jerome Powell announced teh central bank will not hold cryptocurrency.

Powell, during a Press Conference last week, shared, “We’re not allowed to own bitcoin.”

He added, The Federal Reserve Act says what we can own, and we’re not looking for a law change.”

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“That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed,” concluded Powell.

Here’s what USA Today reported:

Bitcoin’s price dipped Wednesday after Federal Reserve Chairman Jerome Powell said the central bank is not looking to hold the digital currency and signaled a more cautious approach to rate cuts in 2025.

“We’re not allowed to own bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change,” Powell said at a Wednesday press conference. “That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.”

Powell’s comments were in response to a question on whether he saw any value in the U.S. building a reserve of bitcoin, an idea floated by President-elect Donald Trump as a way to stay ahead of the competition as other countries embrace crypto. Bitcoin prices fell more than 5% Wednesday afternoon following the press conference.

While experts have warned of risks associated with volatile cryptocurrencies, bitcoin’s value has soared in recent months as President-elect Donald Trump appears poised to create a more welcoming regulatory environment.

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