St. Louis Federal Reserve president James Bullard is dismissing the notion that Bitcoin could be a threat to the US dollar’s global supremacy.
In a new CNBC interview, Bullard says that, as far as the Federal Reserve is concerned, the US dollar will remain dominant for the foreseeable future.
“I just think for Fed policy, It’s going to be a dollar economy as far as the eye can see, and a dollar global economy really as far as the eye can see. And whether the gold price goes up or down or the Bitcoin price goes up or down doesn’t really affect that.”
The St. Louis Federal Reserve president argues that with “strong” fiat currencies such as EU’s euro and the Japanese yen failing to usurp the dollar’s role as a global reserve currency, it would be very surprising to see a stateless cryptocurrency complete the task.
“Currency competition’s been going on forever. The British pound in the
