Federal Reserve Chair Jerome Powell reaffirmed his stance that Bitcoin functions as a competitor to gold, not the US dollar, citing its speculative nature and volatility. He dismissed the notion that Bitcoin reflects a lack of faith in the dollar. Powell's comments follow Bitcoin's recent price surge, partly attributed to Donald Trump's presidential win and subsequent cabinet appointments viewed as pro-crypto. Despite this, Powell maintains Bitcoin is not a payment method or store of value comparable to the dollar. His position remains unchanged even with Bitcoin's price increase exceeding that of gold.

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