Federal Reserve Chairman Jerome Powell took a bite out of Bitcoin’s historic price surge.
In a press conference on Wednesday, he said the central bank is not currently looking to build a reserve of Bitcoin, and projected only two rate cuts for 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. “That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.”
Bitcoin prices fell more than 5% following the press conference. As of this morning, the value sits at around $95,000. On Tuesday,
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