Federal Reserve (Fed) Chair Jerome Powell said the US won’t roll out a CBDC (Central Bank Digital Currency) so long as he’s in charge.
Crypto advocates exhaled in relief.
President Trump is also strongly against CBDCs – at the end of January, he banned the ‘digital dollar’ development.
Ultimately, this gives Bitcoin ($BTC) and altcoins another four years (at least) to mature and gain mainstream adoption.
Why the US Doesn’t Need a Digital Dollar
Trump’s Strengthening American Leadership in Digital Financial Technology order points out that the digital dollar would threaten citizen privacy, and this is hard to argue.
Some think this puts the US behind China, which has already launched the digital yuan, and the EU, which is now busy testing the digital euro.
But many governments globally seem to share Trump’s stance. Reuters report reveals nearly a third of central banks have halted their CBDC efforts, although 67% haven’t changed their plans.
During yesterday’s semiannual testimony, Powell highlighted the Fed is focused on maximizing employment and stabilizing prices rather than creating a CBDC.
After four years of researching the matter, the Fed didn’t find convincing reasons to switch to digital money. Besides, it’s costly, complex, and intrusive.
SEC Out, CFTC In?
Powell now serves his second term as the Fed Chair. Trump initially appointed Powell in 2017, and, despite disagreements on interest rate cuts, Joe Biden reappointed him in 2021.
To top it all, Trump’s pick for Commodity Futures Trading Commission (CFTC) leadership is Brian Quintenz, a known crypto advocate.
Quintenz already served one term during Trump’s first presidency and is unlikely to dispute the chief’s orders. Their fellowship is particularly beneficial for the industry now that Trump plans to transfer crypto overweight from the hostile SEC to CFTC.
Will Bitcoin Reach $250K? $BTCBULL Is Positive
A temporary ban on CBDCs and open government support for crypto could drive adoption to unprecedented heights.
The effect would be most pronounced on Bitcoin ($BTC), the OG cryptocurrency.
Although $BTC has been struggling to break above $100K lately, the situation might soon change as bulls paw the ground in anticipation of a new rally.
But $BTC HODLers won’t be the only ones to generate massive returns when this happens. Bitcoin Bull ($BTCBULL) celebrates the first crypto’s $150K, $200K, and $250K price milestones with $BTC airdrops for its community.
The project partnered with the Best Wallet app to make airdrops seamless. If you hold $BTCBULL in Best Wallet, you’ll receive $BTC right to your account. Otherwise, you can claim your rewards through the Bitcoin Bull website.
Additionally, $BTCBULL intends to burn a portion of the circulating token supply when $BTC reaches $125K, $175K, and $225K to potentially increase its value through scarcity.
Besides being one of the most promising meme coins, it’s the only one that appeals to Bitcoin maximalists, as you get to enjoy both $BTC and $BTCBULL profits.
No CBDCs? No Problem
With CBDCs off the table for at least the next few years, we’re looking at a very favorable setup for the crypto market.
After all, CBDCs go against the very ethos of crypto, so the community can keep building without Uncle Sam trying to steal the show.
This means $BTC could finally break above $100K, and $BTCBULL has launched just in time for the new bull run, making it among the best presales to invest in.
That said, even without CBDCs, market volatility isn’t going anywhere. Remember to DYOR and diversify your portfolio to offset potential losses.
