The bank states in an Economic letter the cause of price drop from 20,000 USD peak at the end of last year was due to Bitcoin futures trading.
The incoming New York Fed Reserve Bank chief, John Williams, has stated that cryptocurrencies are not currencies as they do not meet the basic requirement of currency in any way and cannot replace the US Dollars.
Following the G-20 declaration on cryptocurrency during their meeting last week in Argentina, the President of the Atlanta Federal Reserve Bank has also stated that cryptocurrency is not currency.
The idea of economists is gaining attention so as to why the Federal Reserve of the United States should issue a cryptocurrency soon.
Cryptocurrencies are becoming popular but with all that they don't threaten the world economy and that's why US wont introduce a digital dollar