Crypto isn't really an asset like gold, San Francisco Fed president Mary Daly says
Published On Dec 30, 2024, 12:55 PM
Mary Daly, the president of the San Francisco Fed, stated that cryptocurrencies should not be considered equivalent to gold. While she acknowledges that crypto can serve various functions, such as a medium of exchange, its current volatility and speculative nature prevent it from being a stable currency or asset. She emphasized the need for cryptocurrencies to have a consistent growth pattern tied to economic performance to be viable as a currency. Despite this, there is a growing bullish sentiment around cryptocurrencies, with significant price increases observed in Bitcoin and related stocks following U.S. elections.
Stock Forecasts
COIN
Positive
The increasing acceptance and price appreciation of Bitcoin could further boost interest in crypto-related stocks, as institutional adoption appears to be accelerating. However, Daly's comments could temper expectations regarding the stability of cryptocurrencies.
HOOD
Neutral
With Mary Daly's criticism of cryptocurrencies aligned with the overall market volatility, investors may be cautious, impacting shares like HOOD which is tied to retail investing behavior. However, if the bullish trend continues, this caution may not result in significant downturns.
MSTR
Positive
MicroStrategy's ongoing investment in Bitcoin underscores its commitment to the crypto space, and as Bitcoin prices rise, so does investor confidence in MSTR. This bullish momentum could lead to further price increases.
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