Paul Tudor Jones on BTC: BTC's competitor is gold, not the dollar, and people still see it as a speculative asset

Federal Reserve Chairman Powell expressed at the DealBook Summit hosted by The New York Times on the 4th that the true competitor of BTC is gold, not the US dollar. He pointed out that BTC is highly volatile, and people do not use it as a means of payment or store of value. In addition, he denied the claim that BTC symbolizes a loss of trust in the Federal Reserve or the US dollar. Powell further supplemented: People do not use BTC as a means of payment or store of value. It is very unstable, and it is not a competitor to the US dollar; its true competitor is gold. Furthermore, Powell denies that BTC symbolizes people's loss of trust in the Federal Reserve and the US dollar, stating unequivocally: 'I don't think people see it that way.' In fact, Powell has made similar comments before. At an event hosted by the bank for international settlements in March 2021, he stated: BTC's volatility is too high to be used as currency, and it lacks substantial support, but it may serve as an alternative to gold. Powell: No opposition to banks collaborating with encryption companies When asked by New York Times reporter Andrew Ross Sorkin if he holds BTC, Powell replied, 'I am not allowed to.' Regarding the development of the encryption industry, Powell stated that as long as cryptocurrency companies do not threaten the 'health and well-being' of banks, he is open to their collaboration with banks. He also emphasized the importance of consumer protection but also pointed out that this is not a direct regulatory responsibility of the Federal Reserve. 'Shadow Chairman' is not up for discussion On the other hand, Scott Bessent, who was nominated by Trump as Treasury Secretary, previously suggested that Trump appoint Powell's successor early, thus creating a 'shadow Federal Reserve Chairman' to weaken the influence of the current Chairman Powell. In response, Powell explicitly opposed, saying: 'I don't think this is up for discussion at all.' This statement shows that Powell is not worried that the Trump administration will appoint a new Federal Reserve Chairman to weaken his position. He further explained: 'There is a trap institutionalized relationship between the Federal Reserve and each government, and I expect us to maintain such a relationship with the incoming officials of the Trump administration.' Powell emphasized that the cooperation between the Federal Reserve and other government agencies requires 'trust, mutual respect, and a clear understanding of each other's powers and responsibilities.' He added, 'Especially during times of crisis, we will work more closely within the legal framework.' Previously, Powell also insisted that if Trump tries to oust him, he will not resign. His term will end in May 2026.