Count Federal Reserve Chairman Jerome Powell among the cryptocurrency skeptics.

Making his mandated, semi-annual appearance before the House Committee on Financial Services to discuss monetary policy Wednesday, Powell warned that unsophisticated investors will be harmed by investing in bitcoin (BTC) and other cryptocurrencies because they are not real currencies and they have no intrinsic value.

This puts Powell at odds with the Financial Stability Board, the international organization that recently said cryptocurrencies are not a risk to world economies at present although they should be monitored as their popularity increases.

On Powell’s side, however, are Bill Gates and Warren Buffett. Read more here.

ThirtyK Staff
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