Member-only story
Compound CEO Accidentally Sends $90 Million to Users… A Threat to the Future of Decentralized Crypto?
First of all, Bitcoin is in the news because it’s value just jumped to incredible new heights in the last few days and the reason is as interesting as always…
Bitcoin’s leap happened in just minutes and it was its biggest daily gain since July. It rose 10% all the way up to $47,884. With that said, it wasn’t just Bitcoin. Other digital currencies also saw a huge leap: Ethereum, Litecoin, and EOS saw spikes.
This is a huge jump, especially since Bitcoin dropped 7.6% last month. So, why did Bitcoin jump so high?
U.S. Federal Reserve Chairman Jerome Powell made the comment about centralized cryptocurrency: “That, in particular, you wouldn’t need Stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency — I think that’s one of the stronger arguments in its favor.” This comment struck fear in the hearts of many crypto investors and collectors.
However, during a two-hour long House Financial Services Committee meeting, Powell, along with Treasury Secretary Janet Yellen, discussed the future of crypto. Powell clarified his statement about cryptocurrency, saying “[I have] no intention to ban them.”