OKExChain: Will the Federal Reserve and Jerome Powell Prevent the U.S. from Creating a National Bitcoin Reserve?
Author | Jason Jiang & Hedy Bi In the early hours of today, Federal Reserve Chairman Jerome Powell made it clear during a press conference following the monetary policy meeting that the Fed has no intention of participating in any government plan to accumulate Bitcoin. He emphasized that such matters fall under the jurisdiction of Congress, and the Fed has no plans to seek a change in existing laws to allow for Bitcoin holdings. Powell’s statement immediately shook the market, causing Bitcoin’s price to quickly pull back from its high earlier in the week. According to the prediction market Polymarket, the likelihood of a Bitcoin Strategic Reserve dropped from a peak of 40% on the 18th to 34% after Powell’s speech. The cryptocurrency market’s total market value also plummeted, with a loss of approximately 7.5%. This statement not only left the market uncertain about the prospects of a “Bitcoin Strategic Reserve” (BSR), but it also refocused attention on a deeper question: Does the F...