Since the valuation with cryptocurrency continues to grow, Federal Reserve evidently is giving consideration to creating a product or service such as bitcoin of its own.

William Dudley, CEO and president with the Federal Reserve in New York, reported in a meeting Wednesday the Fed is studying the concept of its very own currency, in accordance with reviews coming from Dow Jones.

This sentiment arrives despite the fact that Dudley sees bitcoin as “more of the speculative side” rather than a reliable store of value.

As the central financial institution official talked, bitcoin hit a whole new high. Only a day after reaching $10,000, it surpassed the $11,000 level.

Dudley isn’t the very first Fed to address this surging rise in popularity of bitcoin.

Philadelphia Federal Reserve President Patrick Harker, in comments created in a meeting back in September, explained he questioned bitcoin could ever undermine the actual U.S. currency, simply because it does not have the backing from our Federal government.

“The paper that is in your wallet, that people call money, merely has worth simply because we presume it has worth and the US Government stands behind it. It is really a trust issue,” Harker explained, based on a Coin desk review.

In various other comments, Dudley stated he believes Jerome Powell, President Trump’s nominee to the Fed chair, is going to do “very well,” as outlined by Dow Jones.

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