St. Louis Federal Reserve Branch has listed four cryptocurrency price tracking charts in its comprehensive database of inquiries.
St. Louis Federal Reserve Branch listed four cryptocurrency price charts
The Federal Reserve Economic Data (FRED), a Federal Reserve-managed economic database, was announced on Tuesday that will henceforth feature price data for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
All the price data and the charts are obtained by the Federal Reserve bank directly from the Coinbase cryptocurrency exchange and trading platform, a renowned crypto-related business based in San Francisco, USA. All the prices and the charts will be automatically updated daily at 5 PM PST.
It may be possible for the St. Louis Federal Reserve Branch also to list price data for the Ethereum Classic (ETC) cryptocurrency when Coinbase officially lists it on its cryptocurrency exchange platform, which it has been told will happen soon.
The Federal Reserve had an awkward affair with cryptocurrency
As noted by CCN, the St. Louis Federal Reserve Branch has been amazingly receptive to cryptocurrency, both as a commodity and as a technological asset.
St. Louis Fed. Governor James Bullard recently addressed the cryptocurrency Consensus conference, held last May in New York. While not precisely bullish, his remarks hint at a future in which cryptocurrencies will have a substantial impact on the world’s economy. He also voiced his concerns that cryptocurrencies may cause the monetary landscape to revert to a “non-uniform monetary system,” as it existed in previous centuries.
“Cryptocurrencies may be inadvertently pushing in the wrong direction when trying to solve a major social problem, which is the best way to facilitate market-based exchange,” stated James Bullard.
On the other hand, Raphael Bostic, who manages the Federal Reserve Bank of Atlanta, cautioned the youth at a recently held conference not to put money into cryptocurrencies, which he likened to popular collectibles such as Beanie Babies.
In the same tone, Neel Kashkari, chairman of the Minneapolis Federal Reserve, stated last month that the cryptocurrencies market has “become a sham,” while the blockchain technology is “probably more interesting and has more potential” than Bitcoin (BTC).
Besides, according to the Federal Reserve of San Francisco, the actual value of 1 Bitcoin (BTC) would be $1,800 which is approximately equated with the costs of mining 1 BTC.