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Apr 21, 2018

GATA | THE GATA DISPATCH: NY Fed nominee faults bitcoin for lacking elasticity and central bank sponsorship, on April 21, 2018.

NY Fed nominee faults bitcoin for lacking elasticity and central bank sponsorship

Submitted by cpowell on 12:57PM ET Saturday, April 21, 2018. Section: Daily Dispatches But isn't that the point of cryptocurrency -- and gold?
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Likely New York Fed President Says Bitcoin 'Doesn't Pass the Basic Test' for a Currency
By Jeff Cox
CNBC, New York
Friday, April 20, 2018
The central banker expected to be the next head of the New York Fed doesn't think much of bitcoin and other cryptocurrencies.
"Cryptocurrency doesn't pass the basic test of what a currency should be," John Williams, currently the head of the San Francisco Fed but the nominee for the top slot in New York, said during a speech today.
 A currency should be "basically something with a store of value," he said, adding that currencies need to be "elastic" to be able to support varying economic and financial conditions. ...
"The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks," he said.