US Federal Reserve Board member Jerome Powell believes that Bitcoin will become obsolete after the launch of the digital dollar.
During testimony before the Financial Services Committee, Jerome Powell said that the digital dollar will surpass any other cryptocurrency. He stated:
You will no longer need stablecoins, you will no longer need cryptocurrencies. You will have the digital currency of the United States.
Mr. Powell does not know that Bitcoin is valuable because no one can change its maximum supply. It cannot be censored. Anyone can run a node.
The digital dollar, on the other hand, will have an unlimited supply, one centralized node, and permanent airdrops to political allies. In the world of cryptocurrencies, such a token is called shieldcoin.
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According to bitcoinmagazine.com
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