Is the US Federal Reserve buying bitcoin

In an article in Centralbankcurrencies.com, they claim that the US Federal Reserve has for months silently been buying bitcoin through at least six over-the-counter (OTC) cryptocurrencies traders, and are likely responsible for the increase in bitcoins price over the past months. The article goes on to say that In a tweet earlier, Elon Musk hinted that his financial team had been indirectly helping the Federal Reserve buying bitcoin by making Tesla available for Tesla buyers, ad introductions to trusted intermediaries that Tesla had been using to accumulate its bitcoin stock-pile.

While commercial banks have long held precious objects on behalf of their customers—from jewels in safe-deposit boxes to shares of stock. Now, thanks to a new policy by a federal banking regulator, they will be able to hold cryptocurrencies like Bitcoin too. The new policy follows a letter published by the Office of the Comptroller of the Currency (OCC). The letter, addressed to an unnamed bank, stated that national banks and savings associations can engage in so-called custody services for their clients. The guidance was significant because regulatory uncertainty has until now led major banks to avoid bitcoin. 


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Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

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