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Fed Chair Jerome Powell Weighs In on Dogecoin Rally

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Thu, 04/29/2021 - 04:10
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Alex Dovbnya
Fed Reserve Chairman Jerome Powell has shared his take on Dogecoin and GameStop
Fed Chair Jerome Powell Weighs In on Dogecoin Rally
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Jerome Powell, the chairman of the U.S. Federal Reserve, has weighed in on the internet’s favorite meme cryptocurrency during his Apr. 28 press conference.

When asked about whether Dogecoin or GameStop, a popular yolo stock, rallying hard was related to the central bank’s easy policy by Yahoo Finance reporter Brian Cheung, Powell replied that there was “froth” in the equities markets:            

Many people just look at asset prices and they look at some of the things going on in the equities markets. And I think they reflect froth in the equities markets.

As reported by U.Today, Dogecoin saw yet another sharp price spike following Elon Musk’s “SNL” tweet. The Tesla CEO is known as the cryptocurrency’s most ardent promoter.              

Related
Fed Chairman Says Cryptocurrencies Are for Speculation

Not budging on interest rates

The Fed has decided to keep interest rates close to zero, bolstering Bitcoin’s bullish case.
 
During the press conference, Powell signaled that the Fed wasn’t anywhere close to withdrawing its monetary support.

He claims that the economy is still far from achieving the central bank’s goals:    

The economy is a long way from our goals and is likely to take some time for substantial further progress to be achieved.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.