On Tuesday’s broadcast of CNBC’s “Squawk Box,” Federal Reserve Bank of St. Louis President James Bullard recognized Bitcoin as a rival to gold:
I’d categorize it as a rival to gold, and it’s a good way to think about it.
At the same time, Bullard rejected the idea of Bitcoin competing with the U.S. Dollar since it is “very hard” for a private cryptocurrency to perform its role:
You don’t want to go with a non-uniform currency when you walk into a Starbucks and maybe you’ll pay with Ethereum, maybe you’ll pay with Ripple, maybe you’ll pay with Bitcoin, maybe you’ll pay with a dollar. That isn’t how we do this.
