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Cryptocurrencies Like Bitcoin Can’t Replace the Dollar, Says New York Fed Chief Nominee [Fortune]

Comcast Corporation - Class A (CMCSA) 
Last comcast corporation - class a earnings: 4/30 07:00 am Check Earnings Report
US:NASDAQ Investor Relations: cmcsa.com/investors
Company Research Source: Fortune
As the price of Bitcoin jumps, San Francisco Federal Reserve President John Williams says its not a currency. Rob Kim Getty Images By Lucinda Shen 8:00 PM EDT Twitter CEO Jack Dorsey predicted that Bitcoin will eclipse all the world’s currencies in around 10 years . But the man nominated to be head of the New York Federal Reserve disagrees. In a speech Friday, the current San Francisco Fed President John Williams laid out a case for why cryptocurrencies, the most prominent of which is Bitcoin, cannot replace paper money. Like others who question Bitcoin’s usefulness as a currency, Williams noted that cryptocurrencies are volatile , making it difficult to pay the correct price for an item. Secondly, while the world’s central banks try to stabilize the economy at times by either increasing or decreasing the amount of ca Show less Read more
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