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| December 12, 2017

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These Avocados Are Missing Something. Don’t Worry, It’s Good

December 11, 2017 |

Who knew whipping up guac could be such dangerous business? A British retailer, apparently, as it has just introduced a pitless avocado to the masses to prevent the injury known as “avocado hand.” The Guardian reports on Marks & Spencer’s limited-edition cocktail avocado, a variety grown in Spain and usually…
Newser

New Gate Would Block Perilous Gorge, but Many Don’t Want It

December 5, 2017 |

Cornell University students have long wandered through a nearly 200-year-old tunnel that one nature official describes as “one of the most dangerous places in the entire Finger Lakes region,” mainly to get to a popular (but illegal) swimming hole. Now, after two student drownings in seven years, the fight is…
Newser

Trump’s Federal Reserve Nominee: Cryptos “Don’t Really Matter Today”

November 30, 2017 |

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"

President Donald Trump’s nominee for Chair of the Federal Reserve, current Board Governor Jerome “Jay” Hayden Powell, participated in the constitutionally mandated US Senate confirmation process by way of a hearing on 28 November 2017. Bitcoin and “cryptocurrencies are something we monitor very carefully,” Mr. Powell answered in direct questioning about current and future Fed policy toward decentralized currencies.   

Also read: After Mugabe, Zimbabwe Pushes Bitcoin to $ 17,875

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"

Federal Reserve Under Oath about Bitcoin

Incredible valuations. Historic price rise. Mass adoption numbers. The Year of Bitcoin has achieved yet another official milestone: it is now a formal policy consideration by regulators of the world’s largest economy.

Tuesday afternoon in Washington, DC, Jay Powell sat before a sparsely attended, mostly pro-forma senate hearing. A current Fed governor nominated by President Obama to serve a 14 year term, Mr. Powell is widely considered to ease through to confirmation in the Republican-controlled upper body.

Georgia Senator, Republican David Alfred Perdue, Jr took asked the nominee a series of questions. Completely switching topics, he ended his line of thought with queries at the 1 hour and 35 minute mark about a subject sweeping professional finance circles: bitcoin.

Senator Perdue began, “We have another bubble that is some 4 to 5 times the size of the dot com bubble in the late 1990s, and that has to do with the cryptocurrencies like bitcoin,” he said.

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"

Junior Georgia Senator Asks about Bitcoin

Mr. Perdue is junior senator from the Peach state, having been elected in 2014 to a six year office. His background include heading many businesses.

“Bitcoin’s market value now is bigger than all but 29 of the S&P 500 corporations in America,” he continued. “Assuming that this continues, and talking about that bubble, and the size and the growth of these cryptocurrencies, if that continues to grow … to what extent does that effect your ability to effect results from your typical monetary policy options that you typically have as a central bank?”

Nominee Powell answered, “You know, in the long, long run things cryptocurrencies of that nature could matter,” he said. When confirmed, Mr. Powell will be the 16th person to assume chairmanship of the Fed in its 103 year history.

“They don’t really matter today,” Mr. Powell said dismissively. “They’re just not big enough. They’re just not anywhere near close to enough in volume for it to matter for us.”

Senator Perdue then again made parallels between the 1990s dot com boom and bitcoin, implying Mr. Powell should see the same.

Bubble Fear

“There’s no question the valuations have gone up quite a lot in the last year or so. I don’t have a view on the appropriate level of the valuation, of course,” Mr. Powell explained.

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"
Jay Powell

The price of bitcoin, as of this writing, has reached 10,000 USD on global exchanges, skyrocketing hundreds of percent in eleven months.

“From our standpoint, cryptocurrencies are something we monitor very carefully. We actually look at blockchain as something that may have significant applications in the wholesale payments part of the economy,” Mr. Powell expanded in his answer.

“It’s something we pay close attention to,” the Board Governor noted.

The Senator from Georgia then asked if the Fed were watching technologies used around the world and in companies such as Alibaba with regard to blockchain and cryptocurrencies.

“We are watching all of those technologies. It’s something we have to do, I think. It’s actually something that is kind of enjoyable and interesting,” Mr. Powell smiled.

What do you think of incoming Fed Chair’s comments? Tell us in the comments below!


Images courtesy of: Pixabay, imagur, Wiki Commons.  


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The post Trump’s Federal Reserve Nominee: Cryptos “Don’t Really Matter Today” appeared first on Bitcoin News.

Bitcoin News

TMZ

Oscar De La Hoya Doubles Down On Conor McGregor Threat, ‘Don’t I Look Ready?’

November 27, 2017 |

Hey Conor McGregor … Oscar De La Hoya says he ain’t screwing around  — he really wants to beat your face in and says he’s in shape to do it NOW.  We got ODLH leaving the Guns N Roses concert at Staples Center the…

TMZ.com

Employers don’t think bans on asking about salary history will achieve goal, survey says

November 19, 2017 |

California recently became one of eight states, cities or localities to pass legislation banning all employers from asking one particularly awkward question of prospective workers: How much did you make in your last job?

Yet companies apparently aren’t convinced the laws will work as intended.


L.A. Times – Business

TMZ

Simone Biles Blasts Gabby Douglas: Don’t Victim Shame Aly Raisman!

November 18, 2017 |

5:00 PM PT — Gabby has pulled a near 180, saying she didn’t word her reply correctly and “regardless of what you wear, abuse under any circumstance is never acceptable.” She’s also apologized and says she stands by her teammates.Simone Biles is…

TMZ.com

Consumer advocates will converge on Congress, but don’t expect GOP to see the light

November 14, 2017 |

Consumer advocates and lawyers will converge on Capitol Hill on Wednesday to try to convey to lawmakers — particularly those in the Republican camp — that ordinary people are getting hosed by recent decisions that tilt the playing field toward business interests.

What’s touted as Consumer Justice…


L.A. Times – Business

Don’t jump into early retirement without considering these things

November 12, 2017 |

Dear Liz: I am almost 59½. Can I retire at 60½?

I have $ 570,000 in a 401(k) and $ 180,000 in an IRA. I owe $ 253,000 on a condo that would sell for $ 600,000. I plan to buy a home next year for $ 400,000 and pay off the mortgage with the proceeds of the condo. Then I would be left with no bills. I…


L.A. Times – Business

Trump on Trade Imbalance: ‘I Don’t Blame China’

November 9, 2017 |

President Trump has previously expressed being “disappointed” at China for “taking advantage” of the US with “one-sided” trade, as well as called the country a “currency manipulator.” But speaking in Beijing on Thursday, he appeared to admire any clever exploitation of the US. “I don’t blame China,” he said in…
Newser

Teen Heroes: ‘They’re Going to Die If We Don’t Do Something’

November 6, 2017 |

Two quick-acting teens and a third Good Samaritan are being hailed as heroes for rushing to save a man and woman trapped in a burning car that crashed in Southern California. Alex Schrier and Jeffrey Bounds, both 16 and teammates on their high school baseball team, spotted the vehicle on…
Newser