Jerome Powell before conceding that Btc is competition to GoldIn a remarkable admission during his testimony to Congress, Federal Reserve Chair Jerome Powell admitted that bitcoin is used as an alternative to gold, conceding that BTC is a store of value. He said before the Senate:
"Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really. It's a store of value; it's a speculative store of value like gold."
