Bitcoin Not Yet Replacing Dollar: Fed's PlosserMark Melin
Is Bitcoin a threat to the US Dollar? Philadelphia Federal Reserve President Charles Plosser thinks not, at least for now. As Mr. Plosser was drawing attention to Bitoin in comments Tuesday, another major bank, Wells Fargo & Co (NYSE:WFC), convened a small group of finance executives and regulators to begin to establish “rules of engagement” for the virtual currency. This comes on the heels of the US Department of Justice, Securities Exchange Commission and Federal Reserve all providing the once radical currency alternative institutional credibility, which was followed in December by another major Wall Street institution, Bank of America Merrill Lynch, covering the virtual currency like a stock and setting a price target of $1,300.
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