Powell Says Cryptocurrencies Aren't a Threat Yet

The video discusses the current state of cryptocurrencies, emphasizing that they do not yet pose a significant threat to financial stability due to their size. However, they are associated with illicit activities like money laundering and present significant risks to unsophisticated investors. The Federal Reserve is not considering a digital currency at this time. Cryptocurrencies are not widely used for payments and lack stability as a store of value due to their volatility.

What are the concerns regarding the financial stability of cryptocurrencies?

What risks do unsophisticated investors face when investing in cryptocurrencies?

Why is it said that cryptocurrencies do not have intrinsic value?

What is the role of currencies in terms of payment and value storage?

How do cryptocurrencies typically function in transactions?