Cryptocurrencies Like Bitcoin Can't Replace the Dollar, Says New York Fed Chief Nominee As the price of Bitcoin jumps, San Francisco Federal Reserve President John Williams says its not a currency.

Twitter chief executive officer Jack Dorsey foretold that Bitcoin can eclipse all the world’s currencies in around ten years .

But the person nominative to be head of the the big apple central bank disagrees. in an exceedingly speech Friday, the present city Fed President John Williams set out a case for why cryptocurrencies, the foremost distinguished of that is Bitcoin, cannot replace currency.

Like others UN agency question Bitcoin’s utility as a currency, Williams noted that cryptocurrencies area unit volatile, creating it troublesome to pay the right worth for AN item. Secondly, whereas the world’s central banks attempt to stabilize the economy every now and then by either increasing or decreasing the quantity of money current, Bitcoin includes a fastened supply: twenty million.

“Cryptocurrency doesn’t pass the fundamental take a look at of what a currency ought to be,” he said, as reportable by CNBC.