According to the Zhitong Finance APP, San Francisco Federal Reserve President Mary Daly stated that cryptocurrencies should be viewed as an independent asset class, rather than being conflated with gold as is often seen.
Daly said, &#34;It can be a currency. It may be a medium of exchange... It can be a stock—a store of value or sometimes a depreciating asset. We just need to define these terms.&#34;
&#34;So I don't think it's gold,&#34; Daly added. &#34;It sometimes has properties like gold, but I don't see it that way.&#34;
Daly's assessment differs slightly from that of Federal Reserve Chairman Jerome Powell, whose comments on Bitcoin earlier this month energized the cryptocurrency community.
Powell stated, &#34;People view Bitcoin as a speculative asset. It's like gold, except it's virtual, it's digital. People don't see it as a means of payment or a store of value. It's very volatile. It's not a competitor to the dollar; it's a true competitor to gold.&#34;
Daly agrees with Powell's view that cryptocurrencies are not yet ready to become currencies, which makes sense at this point in their lifecycle, as some cryptocurrency bulls suggest.
Daly explained, &#34;The property it needs is that it must grow with the economy. So its value doesn't change just because people want it. So when more people want a dollar bill, the dollar bill doesn't appreciate. What causes the dollar to fluctuate is the economy and our growth relative to other countries. Therefore, to become a currency, it must perfect this property.&#34;
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20241231/1735601679686422.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20241231/1735601679686422.png"/>
While cryptocurrencies seem to have a long way to go before being approved by Congress as currency, this has not stopped the bullish trading momentum of various digital assets.
The most popular cryptocurrency, Bitcoin, has continued to perform well since Trump's election on November 5, and it first broke the $100,000 mark on December 4. Since election day, Bitcoin's price has risen by 38%, and it has increased by 106% this year.
So far this year, cryptocurrency-related stocks such as Coinbase (COIN.US) and Robinhood (HOOD.US) have surged by 45% and 204%, respectively.
The resurgence of interest in the cryptocurrency market is also reflected in recent investments by some entities that typically favor traditional stock and bond options. In May of this year, a pension fund in Wisconsin purchased $160 million worth of shares in two new funds approved by regulators earlier this year, thereby adding Bitcoin to its holdings.
MicroStrategy (MSTR.US) has also continued to make significant purchases of Bitcoin in recent weeks.
The new administration has appointed venture capitalist David Sacks as the cryptocurrency czar, responsible for overseeing issues and initiatives related to cryptocurrencies. One of these initiatives may be the creation of a Bitcoin reserve, as proposed by Trump supporters
Benchmark Company analyst Mark Palmer stated: &#34;In fact, there are those who will focus on making the United States a leader in cryptocurrency, Bitcoin mining, and other areas mentioned by President Trump, which is a significant change in itself.&#34; &#34;In our analysis, we assume that by the end of 2026, the price of Bitcoin will reach $225,000.&#34;
Palmer added: &#34;We are seeing more and more institutions beginning to adopt Bitcoin, which is key.&#34;

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San Francisco Federal Reserve President Mary Daly stated that cryptocurrencies should be viewed as independent assets rather than being conflated with gold. She believes that cryptocurrencies can serve as money or a medium of exchange, but are not yet ready to function as currency. Daly's perspective differs slightly from that of Federal Reserve Chairman Jerome Powell, who views Bitcoin as a speculative asset. Although cryptocurrencies have not yet received Congressional approval, trading in digital assets like Bitcoin continues to rise

- San Francisco Fed President Mary Daly stated that cryptocurrencies should be viewed as a distinct asset class rather than being compared to gold.  
- Daly emphasized that cryptocurrencies need to exhibit certain properties to function as currency, including stability in value relative to economic growth.  
- Despite the challenges in gaining congressional approval, interest in cryptocurrencies is rising, with Bitcoin's price increasing significantly since the election, and institutional investments in digital assets growing.

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Federal Reserve's Daly: Cryptocurrencies should be viewed as independent assets and should not be confused with gold