?The best currency is BTC?
Currently due to the variety and amount of cryptocurrencies that exist in the market, making profits through them has become fashionable. However, most virtual currencies are worthless.
According to James Bullard, President of the Federal Reserve (FED) of St. Louis of the United States, the ecosystem of cryptocurrencies lacks value and therefore they are useless, in fact he criticized the possibility that exists of issuing money privately, On the other hand, I also claim that currencies like BTC improve daily use transactions.
“If you allow the issuance of private currency, you will have all kinds of them and that is exactly what has happened. Today there are a couple of thousand of these (cryptocurrencies) and most of them have no value ”said the President in an interview with Yahoo Finance.
Regarding the volatility of the bitcoin market, the official expects users to invest understanding the risks. Furthermore, he cataloged the world of cryptocurrencies as an interesting space and highlighted the fact that the Federal Reserve is also considering issuing a Central Bank digital currency (CBDC).
On the other hand, he questioned that the recent interest in virtual currencies is due to society's need to protect itself from the economic crisis and the deterioration of the Glogal economy. From his point of view, despite the foregoing, the economy will continue to be ruled by the dollar.
Interestingly, the word BTC has currently been used by members of US politics and US Central Bank officials, to highlight the fact that cryptocurrencies do not represent competition for the dollar, but more for gold.
In fact, last month Anders Brownworth, a payment systems architect at the Bank of Boston, said that the type of digital oddollar CBDC they work on will have its similarities to Bitcoin, but will also keep its distance.
On the other hand, the Fed also pointed out that stablecoins represent an improvement because they are backed by national currencies such as the US dollar, which in theory gives them credibility.
