30 Sep '17, 9am

Philadelphia Fed Chief: Bitcoin Has Yet to Be Tested

Bitcoin and other cryptocurrencies are unlikely to weaken the Fed Reserve's influence on the U.S. economy. That's according to the president of the Federal Reserve Bank of Philadelphia, Patrick Harker, who issued the new remarks on the second day of a fintech event hosted by his organization, one of 12 regional institutions that today comprise the U.S. central banking system. But while some have worried that the rise of a cryptocurrency would make it harder for the Fed to manage the rate of inflation, Harker showed that he isn't concerned about the prospect. Onstage, he went so far as to contend that bitcoin has yet to be tested by a real catastrophe, but that when one happens, people will be more likely to flock to government-backed money. "The paper that's in your pocket, that we call money, only has value because we believe it has value, because we believe the governmen...

Full article: https://www.coindesk.com/philadelphia-fed-chief-bitcoin-y...

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