Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin.

Federal Reserve Chairman Jerome Powell wanted everyone to know one thing: the Federal Reserve isn’t touching Bitcoin. Not now, not ever.

Federal Reserve Chair Jerome Powell has ruled out the possibility of the central bank adding Bitcoin to its balance sheet, citing legal restrictions under the Federal Reserve Act. Powell addressed the issue during a Dec. 19 press conference, emphasizing that the Fed is not pursuing any legislative changes to alter this position.

Fed rules out Bitcoin reserves as Chair Powell cites legal constraints. Bitcoin drops after rate cut, while Trump’s BTC reserve plan faces scrutiny.

The price of Bitcoin is testing $100,000 after Fed Chair Jerome Powell issued a statement on the central bank’s ability to hold BTC. Powell took questions from reporters after announcing the Fed has lowered its key interest rate by a quarter percentage point in its third consecutive reduction.

Bitcoin's price dipped Wednesday after Federal Reserve Chairman Jerome Powell said the central bank is not looking to hold the cryptocurrency.

Bitcoin's drop of around 10% in the last 24 hours was dwarfed by ethereum and smaller, top ten cryptocurrencies that crashed back by between 15% and

Bitcoin dropped for the fourth day, influenced by Jerome Powells hawkish comments and a 25-basis-point Fed rate cut. Cryptos faced a sharp correction, with significant declines across major altcoins.

Jerome Powell's comments have had an immediate impact on Bitcoin's market capitalisation, triggering a major fall after the Fed chair commented its position on holding the crypto asset.

The Fed has implemented another 0.25% interest rate cut with Jerome Powell highlighting economic stability as guidance for future cuts

Bitcoin dropped after Federal Reserve Chair Jerome Powell said the central bank would cut interest rates at a slower pace in the new year.

Powell said that the Federal Reserve Act does not allow the central bank to hold Bitcoin, leaving the decision to Congress.