Fed Chair Powell gives U.S. banks the green light for crypto.
Regarding banks:
• They are allowed to provide services to crypto customers.
• They may engage in crypto-related activities.
• Customers should not be unfairly cut off.
The Fed confirms the end of Operation Chokepoint 2.0.
Powell:
“Our role with bitcoin, with crypto, is to look at the banks; banks are perfectly able to serve crypto customers, as long as they understand and manage the risks. And a good number of banks that we regulate and supervise do that.
The threshold has been a little higher for banks engaging in crypto activities, and that’s because it’s so new and we want to make sure that it’s a safe and sound activity.
We are not against innovation. We certainly don’t want to take actions that would cause banks to terminate customers who are perfectly legal, just because of excess risk aversion related to regulation and supervision.”
If the value of bitcoin is always going to go up, why would you spend bitcoin on a coffee?
The next day you would realize that you spent too much on that coffee (only the cafe owner will be happy).
That value, you could have exchanged for another currency or simply kept it waiting to sell at a better price.
No?
of course!
🚀 Cool! Let’s see how Bitcoin grows! 💸