The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Fed Bullard Says Cryptocurrencies Won’t Win the Global Currency Competition

by Daily Hodl Staff
July 19, 2019
in Regulators

Speaking at an annual meeting in New York on Friday, St. Louis Fed President James Bullard says he views cryptocurrencies as new entrants into the ongoing global currency competition. But he doesn’t believe consumers or businesses will want them because of their volatility.

“Cryptocurrencies are creating drift toward a non-uniform currency in the US, a state of affairs that has existed historically but was disliked and eventually replaced.”

“Currencies have to be reliable and hold their value. This is probably why government backing has been important historically, combined with a stable monetary policy that promotes stability of the currency.”

Bullard says that the problem of how to stabilize currency value is not mitigated by commodity-backed money, cryptocurrency or fixed exchange rates.

Although the crypto industry has addressed the issue of volatility by producing a number stablecoins that are often pegged to fiat currencies, Bullard says he’s not impressed.

“Trying to fix exchange rates, as suggested by ‘stablecoins,’ has often failed.”

“Historically, the profusion of privately issued currency created an unsatisfactory system. In the 1830s, 90% of the US money supply was privately issued banknotes. Contemporaries did not like this system. Currencies traded at different rates at different times and places. There were discount books in each town to keep track of how much each currency should be discounted. There was a call for a ‘uniform currency,’ which was implemented during the Civil War.”

“There are lots of privately issued cryptocurrencies, trading at various rates minute by minute. The only reason this is not a bigger issue today is that the total volume of cryptocurrency trade is not that large in relation to the entire economy.”

Bullard’s remarks steered clear of Bitcoin, the world’s largest cryptocurrency by market cap, which many Bitcoin maximalists believe is poised to become the world’s predominant uniform currency. Instead, he focused solely on the “more than 2,600 cryptocurrencies that have been launched” and the many that are now at “zero value equilibrium”.

You can check out the full presentation here.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Radix Babylon Upgrade Marks New Era for Web 3.0 User and Developer Experience
    September 28, 2023
  • Tyrion Set To Decentralize the $377 Billion Digital Advertising Industry
    September 25, 2023
  • Hydranet Launches Layer Three Dex – A Game Changer for Trustless Cross-Chain Trading
    September 25, 2023
  • Ottochain Homage to EVMOS and Ethereum Layer Two
    September 21, 2023
  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,889.20
$26,889.20
0.85%
Ethereum
$1,672.34
$1,672.34
0.81%
Cardano
$0.254981
$0.254981
2.06%
XRP
$0.53316
$0.53316
5.28%
Dogecoin
$0.061906
$0.061906
0.53%

Spotlight

  • Bitcoin Facing an ‘800-Pound Gorilla’ Downside Risk, Says Bloomberg Analyst Mike McGlone – Here Are His Targets
    September 22, 2023
  • Trader Warns One Blue-Chip Altcoin Is ‘Hanging On for Dear Life’, Updates Outlook on Bitcoin and Ethereum
    September 22, 2023
  • Crypto Analyst Issues Bitcoin Alert, Says BTC Could Dip Further if History Repeats Itself – Here Are His Targets
    September 22, 2023
  • Whales Move Over $660,000,000 in Bitcoin, Ethereum and Chainlink – Here’s Where the Crypto’s Headed
    September 22, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl