Cryptocurrencies took the center stage again during Federal Reserve Chairman Jerome Powell's second day of testimony before the U.S. Senate. Powell indicated that he had not seen Bitcoin used as a payment method. However, he noted, Bitcoin is already increasingly taking over gold in the global economy as a store of value.
Lawmakers also mentioned their uneasiness regarding Bitcoin's possible long-term challenge to replace the U.S. dollar as the world reserve currency. Powell admitted that this was in the realm of possibility, albeit only in the long term. He also emphasized that the U.S. should not assume that the dollar's status as a reserve currency would last forever.