Federal Reserve Branch Adds Cryptocurrency Value Indexes [Yes, Actually]
The St. Louis branch of the US Federal Reserve has added 4 cryptocurrency value trackers to its extensive investigation database.
St. Louis Federal Reserve Adds Crypto Price Charts
Announced on Tuesday, the Federal Reserve Financial Information (FRED), a database curated by the St. Louis Fed, will now include pricing data for bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC), going back to as early as 2014 in the case of bitcoin.
Data points are obtained from San Francisco-primarily based cryptocurrency exchange and brokerage platform Coinbase and updated everyday at five pm PST.
Presumably, the St. Louis Fed could add pricing information for ethereum classic (And so on) once Coinbase formally lists it on its platform, a move that it has said will happen in the near future.
The Fed’s Complex Connection with Cryptocurrency
As CCN reported, the St. Louis branch of the Federal Reserve has been surprisingly open to cryptocurrency, both as a technology and an asset class.
St. Louis Fed. Governor James Bullard not too long ago spoke at cryptocurrency conference Consensus, which was held final month in New York. Whilst not exactly bullish, his comments envisioned a future in which cryptocurrencies play an important function. He expressed concern that cryptocurrencies could lead to the monetary landscape to revert back to a &ldquonon-uniform currency system,&rdquo such as existed in previous centuries.
&ldquoCryptocurrencies could unwittingly be pushing in the wrong direction in attempting to solve an essential social issue, which is how greatest to facilitate market place-primarily based exchange,&rdquo he said.
Additionally, the St. Louis Fed published an report earlier this year in which it noted that bitcoin is not really all that various from &ldquoregular currency&rdquo such as the US dollar. Specifically, the Fed stated that each BTC and USD are backed by practically nothing, scarce, and — at least in the case of cash — decentralized.
However, officials at other branches of the Fed have been much less amicable toward cryptocurrencies.
Raphael Bostic, who heads the Federal Reserve Bank of Atlanta, warned young folks at a current conference not to invest in cryptocurrencies, which he compared to hype-driven collectibles such as Beanie Babies.
Minneapolis Federal Reserve President Neel Kashkari, similarly, stated in May that the cryptocurrency industry has &ldquobecome a farce&rdquo and that blockchain technologies is &ldquoprobably much more exciting and has much more prospective&rdquo than bitcoin.
Meanwhile, the Federal Reserve Bank of San Francisco released a report which argued that the accurate worth of bitcoin is $1,800, a figure that roughly correlates to the price of mining one bitcoin. The bank arrived at this figure by valuing bitcoin by similar metrics as those usually applied to entrenched commodities like gold and oil.
Featured Image from Shutterstock
Adhere to us on Telegram.
&bull Join CCN’s crypto community for $9.99 per month, click right here.
&bull Want exclusive evaluation and crypto insights from Hacked.com? Click here.
&bull Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Published at Thu, 21 Jun 2018 13:44:16 +0000