Can bitcoin replace American dollar?

The CEO of San Francisco Fed, John Williams will be the chairman of Federal Reserve Bank of New York, but he refused the advise that cryptocurrency should be involved in the currency.

The commission of New York Federal Reserve Bank refused to consider cryptocurrency as a currency because it didn’t pass the test of what cryptocurrency should be.

Williams asserted that currency should include some saving value and stressed the flexibility of currency, because it has to adapt to all kinds of financial condition and environment, but he didn’t state why cryptocurrency cannot perform the above functions better.

The CEO of Federal Reserve Bank of Atlanta, Raphael Bostic refuted the proposal that cryptocurrency is involved in currency. He didn’t encourage consumers to invest in fictitious currency market. The chairman of Chicago Federal Reserve Bank, Charles Evans declared that bitcoins are not like money currently. “The investment of cryptocurrency is swimming with sharks, because everyone is anonymous.” He added.

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