Federal Reserve Chair Jerome Powell reiterated the central bank’s stance on bitcoin during a press conference Wednesday, following a rate cut. Addressing a question about the U.S. government building a bitcoin reserve, Powell dismissed the possibility, citing legal constraints. He stated:

We’re not allowed to own bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change. That’s the kind of thing for Congress to consider but we are not looking for a law change at the Fed.

Powell’s comments align with his historically cautious tone regarding cryptocurrencies. In previous statements, he has referred to BTC as a speculative asset, lacking the stability to function as a legitimate currency. In 2021, Powell remarked that cryptocurrencies are “not really useful as a store of value” and criticized their volatility, which poses risks to investors and financial systems. He has also distinguished between cryptocurrencies like bitcoin and central bank digital currencies (CBDCs), highlighting the latter as a safer and more controlled innovation.

The Federal Reserve Act limits the central bank’s holdings to U.S. government bonds and other highly secure assets. Although the Fed has expanded its asset purchases during economic crises, including the 2008 financial crash, cryptocurrencies remain outside its purview. Meanwhile, legislative efforts like Senator Cynthia Lummis’ Bitcoin Act have sought to integrate bitcoin into the U.S. financial system. These proposals, however, have faced resistance from lawmakers concerned about crypto’s lack of regulation and potential misuse.

Moreover, President-elect Donald Trump has announced plans to establish a national bitcoin reserve, aiming to position the U.S. as a global leader in cryptocurrency. This initiative involves the U.S. government acquiring substantial bitcoin holdings, potentially utilizing assets seized in criminal cases as a foundation. The proposal has significantly impacted the cryptocurrency market, with bitcoin’s value surpassing $100,000, reflecting investor optimism about favorable regulatory changes under the forthcoming administration. Additionally, Trump’s appointment of David Sacks as the White House AI and crypto czar underscores his commitment to integrating digital assets into national economic strategy.

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