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Jerome Powell, the Chairman of the Federal Reserve, has shown a notable shift in his stance on Bitcoin 
$87,699, capturing the attention of the market. Following this change, Binance founder Changpeng Zhao expressed a positive view on Powell’s new approach. Contrary to his previous negative stance, Powell has compared the digital asset to gold, a perspective that is being closely examined by market observers.
Powell’s New Perspective
During an interview at the renowned New York Times DealBook Summit, Powell highlighted Bitcoin’s speculative nature. He stated that Bitcoin is used as a speculative asset by people and can be valued similarly to gold, albeit virtually. These comments have sparked various interpretations within the overall market.
Jerome Powell: “People use BTC as a speculative asset; it’s like gold, but virtual.”
CZ’s Assessment
Changpeng Zhao shared Powell’s positive remarks, noting that this indicates progress from the previous negative viewpoint. In a social media post, he mentioned that such an approach could positively influence market dynamics. Additionally, CZ’s recent initiatives regarding the market continue to attract investor attention.
Changpeng Zhao: “Powell’s optimism towards BTC shows progress from his previous stance.”
Recent consumer and producer price index data in the U.S. revealed unexpectedly high figures, causing fluctuations in risk assets. Rising inflation and the absence of interest rate cuts are key concerns in the digital asset market.
In light of current economic data, investors are assessing market risks while remaining curious about the performance of digital assets. Although signs of market recovery are emerging, investors are cautious about future movements.
Economic indicators and international developments could shape the trajectory of digital assets going forward. Investors strive to adapt their decisions based on potential changes arising from these developments.
