bitcoin volatility, crypto sell off, fed policy, Federal Reserve, Federal Reserve Bank, federal reserve policy, James Bullard, raphael bostic, systematic risk

Cryptocurrency sell-off is not a systematic concern for the Fed and does not affect Fed’s policies, two Federal Reserve Bank presidents said Wednesday. “We are all quite aware that crypto can be very volatile,†said the president of the Federal Reserve Bank of St. Louis.

Crypto Sell-off Does Not Change Fed Policy

Two Federal Reserve Bank presidents have commented on the steep sell-off in cryptocurrencies Wednesday. St. Louis Federal Reserve President James Bullard, who firmly believes that cryptocurrency poses no threat to the U.S. dollar, said:

Bullard said in February that whether “bitcoin price goes up or down†it “doesn’t really affect†the Fed policies. He added that the cryptocurrency is no threat to the USD because “investors want a safe haven. They want a stable store of value, and then they want to conduct their investments in that currency.â€

Another Federal Reserve Bank president who commented on the cryptocurrency sell-off Wednesday was Atlanta Fed President Raphael Bostic. Making a similar statement during an interview with Bloomberg TV, he said:

“It’s not something I really incorporate very much into how I think about where our policy should be,†he affirmed.

Bitcoin’s price briefly fell below $30K on Bitfinex early Wednesday morning but has since recovered. The price of BTC is currently $40,361 based on data from markets.Bitcoin.com.

What do you think about what the two Federal Reserve Bank presidents said about cryptocurrency? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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