Bitcoin soars past $10,000 after US confirms work on a digital dollar
The resurgence of cryptocurrency comes on the heels of legitimacy by the US Government.
Federal Chairman Jerome Powell, who is essentially the governor of America's central bank, overnight in a speech to congress said the Federal Reserve was investigating developing its own digital dollar.
While Mr Powell made no mention to Bitcoin itself, the mere whisper of federally-sanctioned cryptocurrencies is enough to inspire investors back to the blockchain.
Bitcoin has grown in price by 54 per cent in 2020 alone.
In July last year, Mr Powell said most people purchasing Bitcoin were doing so as a way of storing wealth.
"Bitcoin is a good example. Really almost no one uses bitcoin for payments — they use it as an alternative to gold," Mr Powell told congress.
"It's a store of value, a speculative store of value, like gold."
https://amp.9news.com.au/article ... 4-896b-9351c479f2b3
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