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Bitcoin Surges Past $99K Following Powell’s Comments, Yet Falls Short of $100K Milestone
At the New York Times DealBook Summit on Wednesday, Federal Reserve Chairman Jerome Powell compared Bitcoin to gold, calling it a speculative digital asset rather than a rival to the U.S. dollar.
“Bitcoin is not a competitor for the dollar, it’s really a competitor for gold,” Powell said during a sit-down interview with journalist Andrew Ross Sorkin. While acknowledging Bitcoin’s increasing popularity, Powell dismissed its potential as a store of value, stating, “It’s like gold, only it’s virtual, it’s digital,” and pointing to Bitcoin’s well-known volatility.
Bitcoin Price Reacts to Powell’s Comments
Powell’s remarks quickly rippled through the crypto markets, with Bitcoin surging over 2% shortly after the interview. The price climbed to $99,000, inching closer to its all-time high of $99,645 recorded in late November, according to CoinGecko data. However, the momentum was short-lived, and Bitcoin settled at $98,500 at the time of writing.
The price spike adds to Bitcoin’s impressive November performance, which pushed its market cap to nearly $1.95 trillion. This positions Bitcoin as the seventh-largest asset by market cap globally, trailing only gold and major U.S. corporations like Nvidia, Alphabet (Google’s parent company), and Meta.
Bitcoin’s Staying Power: Powell’s Historical Perspective
This isn’t the first time Powell has addressed Bitcoin and cryptocurrencies publicly. In 2021, he assured the markets that the Federal Reserve had no plans to ban Bitcoin. By 2023, Powell recognized Bitcoin and crypto as an asset class with “staying power.”
When asked if he would ever personally invest in crypto, Powell quipped, “I’m not allowed to.”
Crypto Community Reacts
Powell’s comparison of Bitcoin to gold reignited debates across the crypto community on X (formerly Twitter). Investors quickly drew parallels between Bitcoin’s market cap and that of gold, further fueling discussions about Bitcoin’s potential as “digital gold.”
The comments also coincided with a broader market rally. Major altcoins, including Ethereum and Dogecoin, saw notable price increases as Bitcoin tested the $100K milestone once again.
The Bigger Picture: A Day of Big Conversations
Powell’s interview wasn’t the only highlight at the DealBook Summit. The event also featured live interviews with prominent figures, including OpenAI CEO Sam Altman, Amazon founder Jeff Bezos, and former U.S. President Bill Clinton. Discussions covered topics ranging from inflation and geopolitical risks to artificial intelligence and global leadership.
As Bitcoin’s journey toward $100K continues to captivate global investors, Powell’s remarks affirm its growing role in financial markets—not as a threat to the dollar but as a modern-day gold alternative.