Bitcoin and other cryptocurrencies are unlikely to weaken the Federal Reserve’s influence on the US economy.
The idea is that of Patrick Harker, president of the Federal Reserve Bank of Philadelphia.. Patrick Harker, the chairman of one of the 12 local institutions that make up the US central bank system, made this statement on the second day of the fintech event organized by his organization.
During the conversation, Parker said that Bitcoin has not faced any real challenges so far, and if it does, people will go back to government-backed coins.
Harker: “The piece of paper in your pocket, money, has value because we believe it has value.. Because we believe (that money) is backed by the government. It’s all about trust.”
Harker:
“So when cryptocurrencies and other types of currencies come along, I think that’s the core of it >ask them how to build trust.”
Trust in Government
Perhaps one of Parker’s most striking comments is that Bitcoin has yet to gain people’s trust.
Once the largest exchange of the Bitcoin network, Mt.. Despite Gox’s downfall and Bitcoin’s own lingering problems, according to Harker, Bitcoin has never really had a “bad day.” /p>
This is one of the reasons Harker isn’t afraid of the potential for cryptocurrencies to reduce the Fed’s monetary influence.. According to Harker, when Bitcoin goes through “bad days”, people will already want the Federal Reserve and other government agencies to intervene:
“When things start going really badly, who will the Americans trust? Of course they will look at the government again. This has always been the case in the history of this country.”
‘How Do You Edit an Algorithm’
Patrick Harker at another time [email protected] founder Mukul Pandya’s crypto He answered his questions about the arrangement of coins. ” Harker asked, making the audience laugh. “I don’t know yet.. The answer to this question is that we still need to work, he continued.
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