Binance founder Changpeng CZ Zhao recently noted a change in U.S. Federal Reserve Chair Jerome Powell’s thoughts on Bitcoin (BTC). Powell, who once criticized Bitcoin, now compares it to gold. This has caught the crypto community’s attention and sparked discussions about what it could mean for the market. Powell’s View: Bitcoin as Digital Gold Speaking at the New York Times DealBook Summit, Powell acknowledged that Bitcoin is primarily used as a speculative asset, comparing it to virtual gold. This is a big change from his earlier stance, where he was less supportive of Bitcoin. In an X post, CZ shared his thoughts on Powell’s new stance, saying the Fed Chair’s new opinion is an “improvement to the previous narrative” Even though Powell now compares Bitcoin to digital gold, he still believes it cannot replace the U.S. dollar. He points out Bitcoin’s high price swings and that it is not widely used for everyday transactions. Powell’s statement has encouraged many Bitcoin supporters. Some believe this could lead to greater acceptance of Bitcoin in the financial world. However, others think it is too early to say if this will result in positive regulation changes. Inflation Worries and the Crypto Market Even with Powell’s softened view on Bitcoin, the Federal Reserve’s actions continue to put pressure on crypto and other risky investments. The latest U.S. Consumer Price Index (CPI) report showed inflation at 3% in January, higher than expected. The Producer Price Index (PPI) also rose to 3.5%, its highest since February 2023. Since inflation remains a problem, the Federal has not lowered interest rates, which has slowed down the crypto market’s recovery. CZ’s Dog Becomes a Crypto Sensation Aside from Powell’s Bitcoin comments, CZ has also been in the news for a different reason. After he was released from prison , CZ introduced his new dog, Broccoli. Surprisingly, this led to the launch of more than 20,000 memecoins in the market, inspired by the dog. A recent report revealed that a crypto whale made a big investment in the “BROCCOLI” token, adding to the excitement. Many traders are now trying to profit from this trend, making the memecoin market very active. This trend shows that altcoins can rise and fall quickly, with social media hype often driving their success. The post Binance Founder CZ Applauds Fed Chair’s Changing View on Bitcoin appeared first on TheCoinrise.com .
