The US Federal Reserve recently added four cryptocurrency price trackers (index) in the St. Louis branch. The database curated by the St. Louis Fed will now include data about the current prices of Bitcoin, Ethereum, Bitcoin Cash and Litecoin – dating back to as early as 2014 for Bitcoin as the most popular cryptocurrency.
The data points which will be on the website are obtained from the San Francisco-based cryptocurrency exchange and broker platform Coinbase. They will be updated every day at 5 pm PST.
It is expected that the St. Louis Fed will also add pricing data for Ethereum Classic (ETC) once the exchange Coinbase lists it on its platform. This will be a move that, according to rumors, will occur in the near future.
What’s most important is the fact that the St. Louis branch of the Federal Reserve has been open to cryptocurrencies, praising both the technology behind them and them as an asset class. According to the St. Louis Fed. Governor James Bullard, cryptocurrencies will play an important role in the future. Even though he expressed concern related to them causing the monetary landscape to revert back to a “non-uniform currency system”, he is optimistic regarding their future.
As Bullard said:
“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange,”
The St. Louis Fed also published an article in which it noted that Bitcoin is not all that different from regular currencies such as the US dollar. The Fed also said that both BTC and USD are backed by nothing, that they are scarce and also decentralized.
Still, other branches have not been such good-natured towards cryptocurrencies.
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