Fed Chair Powell Deflates Bitcoin Reserve Proposal

Federal Reserve Chair Jerome Powell stated the central bank does not wish to partake in government efforts to establish a bitcoin reserve. While speculative values rose post-election, Powell, alongside European officials, questioned the viability and strategic worth of such a reserve.

Federal Reserve Chair Jerome Powell asserted on Wednesday that the U.S. central bank is not inclined to join any governmental initiative to amass a significant bitcoin reserve.

Powell's stance comes amid speculation of a Strategic Bitcoin Reserve following President-elect Donald Trump's election victory, which saw bitcoin's value surge due to potential relaxed regulations.

European officials echoed skepticism, expressing major reservations over bitcoin's volatility, questioning its utility as a reserve currency.

(With inputs from agencies.)