One of the most important events in the blockchain and cryptocurrency industry is now taking place in New York. The Consensus Conference is gathering the most important figures and specialists in the crypto world. But some important economic experts appeared, included James Bullard, St. Louis Fed President, who said that Bitcoin ‘is not a threat’ for the US Dollar.
James Bullard Believes Bitcoin is Not a Threat
During the Consensus Conference, Mr. Bullard talked to CNBC and gave his opinion about the famous virtual currency, blockchain and other topics.
Mr. Bullard Said:
“Cryptocurrency is facilitating trade that would not otherwise occur. […] When you have a lot of currencies trading around, the exchange rate column is a big deal, and that happens with big currencies like the US dollar.”
He also said that, at the moment, Bitcoin is not a threat to the US Dollar – at least in the short term. “I don’t think so at this point,” commented Mr. Bullard. “We don’t know how the future’s going to fall.”
Moreover, he said that there is a lot of currency competition right now, and that Bitcoin does not seem a threat for the dollar. And an interesting topic mentioned was the possibility of the Fed to issue its own cryptocurrency – that could be known as FedCoin.
“We can certainly look at that as a possibility and there are different parts of the Fed that look at all kinds of applications of blockchain technology, but I would not say that there’s any plan at this point or anything imminent. My own personal opinion is that at this point I don’t see what the gains would be to the Fed, but I certainly keep an opened mind.”
The presence of Mr. Bullard at the Consensus Conference may be a good sign for cryptocurrencies and blockchain technology.