Federal Reserve Governor Throws Cold Water on Future CBDC

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Today’s Cryptocurrency Headline

Federal Reserve Governor Michelle Bowman said she has not yet seen a compelling argument that a U.S. central bank digital currency would solve issues that other alternatives couldn’t. Bowman said arguments made in favor of a CBDC, including financial inclusion and addressing frictions within the payment system, may not be unique to just CBDCs. The Fed official spoke Tuesday at a roundtable hosted by Harvard Law School. “These are all important issues. I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy,” Bowman said in a speech.  Bowman, who has been hesitant about CBDCs in the past, said FedNow and other solutions could solve those challenges. FedNow was launched over the summer, which allows financial institutions to send and receive instant payments in real-time, cutting down the time for transactions to settle.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The upward momentum is not sustainable, as the performance of tokens other than BTC is gradually weakening, and even some altcoins are hitting new lows. The ETH/BTC rate has also reached a new low in 15 months. All these signs indicate that it is not a bullish time at the moment, and the bottom has not yet arrived. Long-term investors can still wait patiently. However, considering next year’s halving and the Federal Reserve’s interest rate cuts, from a macro perspective, next year is a year worth looking forward to. The support level is at $27,700 and the resistance level is at $28,600.

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