Former Fed Chairman Talks About Bitcoin (BTC), Gives Advice to Trump!

Bitcoin has set a new record by exceeding $100,000 for the first time in history, while there is curiosity about whether Donald Trump will stand behind the strategic BTC reserve promise for the US.

At this point, while Trump's strategic Bitcoin reserve promise is supported by many, former president of the New York FED, Bill Dudley, said that including Bitcoin in the US national reserves could harm the interests of the public and could change the status of the dollar as the global reserve currency.

According to Bloomberg's report, former NY FED president Bitcoin argued that most of the reserves would not benefit Americans and argued that the majority of Americans would protect the interests of specific groups rather than their own interests.

Bill Dudley said that Bitcoin's price volatility, lack of widespread acceptance as a payment, and slow and expensive transaction process make BTC a weak asset.

Dudley also noted the risk of individuals losing access to their Bitcoin assets, and pointed out that unlike traditional financial assets, Bitcoin does not generate income through interest or dividends.

Dudley argued that creating a Bitcoin reserve for the US would require the Treasury to increase borrowing, raise debt servicing costs, or necessitate the Fed to print more money, ultimately fueling inflation.

Dudley, finally suggested that instead of creating such a reserve, the incoming Trump administration should focus on developing comprehensive regulations to support the safe growth of the cryptocurrency industry.