Jerome Powell, President of the Federal Reserve (Fed) of the USA, stated that the banks of the United States are “perfectly capable of serving crypto clients.” For Nic Carter, partner of Castle Island Ventures, Powell’s words are like an “immense breakthrough.”
Jerome Powell (Fed) and the banks of the USA capable of serving crypto clients
The President of the Federal Reserve (Fed) of the USA, Jerome Powell, made some statements during the press conference on Wednesday.
Among other things, Powell stated that U.S. banks are “perfectly capable” of serving crypto clients, provided they understand and can manage the risks.
BREAKING:
Federal Reserve Chair Jerome Powell says, "Banks are perfectly able to serve crypto customers." pic.twitter.com/BfF5dZS5KV
— Bitcoin Magazine (@BitcoinMagazine) January 29, 2025
“BREAKING: The president of the Federal Reserve Jerome Powell states: “The banks are perfectly capable of serving cryptocurrency customers”.
In practice, Powell argues that the banks in the USA should be allowed to serve cryptocurrency customers, thus experimenting with new services at the same time. In this sense, the crypto sector should not be off-limits for the USA banks.
In this regard, the President of the Fed emphasized that a good number of regulated and supervised U.S. banks already serve this category of clients.
Jerome Powell (Fed) and the banks for crypto clients in the USA: his words are an “immense turning point”
The words of Powell have been described by Nic Carter, partner of Castle Island Ventures, as a “immense turning point.”
In fact, specifically, Carter revealed that in his opinion the conspiracy nicknamed “Operazione Choke Point 2.0” – OCP2.0 is over, despite the fact that it was the Fed that started it.
this is particularly notable because my understanding is the Fed specifically was the nexus of OCP2.0.
— nic golden age carter (@nic__carter) January 29, 2025
“Jerome Powell today: “the banks are perfectly capable of serving cryptocurrency clients as long as they understand and know how to manage the risks […] we are not against innovation, and certainly do not want to take actions that lead banks to terminate clients who are perfectly legal just for an excess of risk aversion perhaps linked to regulation and supervision”.
Immense change of tone. The OCP2.0 is over.
This is particularly noteworthy because, as far as I know, it was the Fed itself that formed the core of OCP2.0.”
In any case, returning to Jerome Powell and his speeches, it is necessary to remember his words on Bitcoin.
Last December 2024, Powell had stated that Bitcoin in the financial markets is like gold, and not like the dollar.
Specifically, the President of the Fed would have responded to a specific question, stating that people do not use BTC as a means of payment, but as a speculative asset.
After that, Powell would have added that Bitcoin is like gold, only it is currency and digital.
The price of BTC makes a jump
Immediately after Powell’s speech on Wednesday, the price of BTC started to rise, recording a pump of +3% in the last 24 hours.
A small jump perhaps, but the queen of crypto has returned to exceed 105,000$ after three days below this figure.
We remind you that in this month of January 2025, Bitcoin recorded its ATH – All-Time High or historical maximum above $109,000.
