Isn’t , Can’t Replace , Says Incoming Fed Chief
Bitcoin and other cryptocurrencies cannot replace the U.S. dollar because they fail the basic test of what a currency should be. That’s what John Williams, the incoming head of the Federal Reserve Bank of New York, insists. “ doesn’t pass the basic test of what a should be,” Williams said on April 20, as reported by CNBC. “[Currency is] basically something with a store of value [and is not that].” Williams, who’s currently president of the Federal Reserve Bank of San Francisco, is the presumptive next president of the Federal Reserve Bank of New York. The crypto-skeptic slammed virtual currencies, saying they can never replace paper money because they are riddled with problems.
Williams: Crypto Fraud Is A Problem
“The setup or institutional arrangement around bitcoin and other cryptocurrencies [is problematic],” Williams said. “First of all, they have problems with fraud, problems with money-laundering and terror financing. There’s a lot of problems there.” Williams also took issue with the erratic price movements of cryptocurrencies, saying the volatility makes them an unstable store of value and hampers their ability to be used as reliable payments for goods and services.
Federal Reserve Bank of New York president John Williams disses bitcoin
John Williams, the incoming president of Federal Reserve Bank of New York. (screenshot)
John Williams’ bearish stance differs from the sentiments of his boss, Federal Reserve Chairman Jerome Powell, who urged caution but is not a crypto-bear. “[I have] nothing against bitcoin,” Powell said in November 2017. “We generally look at some of the risks of cryptocurrencies associated with money-laundering and those sorts of issues, but we’re not broadly opposed or supportive of alternative currencies.”
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