Crypto volatility is not a 'systemic concern' for the Fed, say local presidents
A Federal Reserve president said he was “quite aware that crypto can be very volatile” but he personally did not see that as a concern for traditional markets. Both Atlanta Federal Reserve President Raphael Bostic and St. Louis Federal Reserve President James Bullard seem to be unconcerned about the recent crypto bloodbaths impact on the U.S. economy. According to a Reuters report, Bostic said the volatility in the crypto market is “not at a scale” to have systemic financial implications for the Fed. He added that such events like the one this morning — which saw the price of Bitcoin (BTC) dip to $30,000 — did not play a large role in how he considered Fed policy. However, he predicted “a fair amount” of volatility through the summer. Bullard echoed Bostics comments, saying Fed officials were “quite aware that crypto can be very volatile” but he personally did not see that as a “systemic concern.” Three years old, the Fed president urged investors not to put money into crypto, calling them “speculative markets” and “not currency.” The St. Louis Fed president has previously spoken out against crypto as a medium of exchange, claiming that Americans preferred a “non-uniform currency.” Bullard added he foresaw a