Is Bitcoin Digital Gold? The Federal Reserve Tears Narrative With New Report

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If you’ve been following Bitcoin for any period of time, you likely know of the narrative that the cryptocurrency is some form of “digital gold.” The idea goes that because the asset has similar fundamental characteristics to the precious metal — both are decentralized money, scarce and hard to create, not controlled by a central authority, globally-accepted, and fungible — Bitcoin will become a gold-like asset with time, both in size and price action. According to the Federal Reserve’s Kansas City branch, however, it’s way too early to even mention this narrative. In fact, the central bank branch ripped apart the sentiment in a recent report that went largely unnoticed by the crypto community. Bitcoin Isn’t a Safe Haven… Yet: Federal Reserve Branch In a note published last week on April 15th, the Federal Reserve Bank of Kansas City claimed that Bitcoin is decisively not a safe haven, noting that…

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