Breaking News! Powell just gave Bitcoin a new definition—it’s a rival to gold, not a threat to the dollar.

That’s quite a diplomatic statement. With the Fed Chair himself making this remark, it’s like giving BTC an official “digital gold” label, while at the same time booting it out of the “monetary revolutionary” arena. Two birds with one stone: he didn’t offend the old guard of the traditional financial system, and he also managed to fit this once-wild phenomenon into a framework they can digest.

To put it bluntly, this move is called “taming.” Downgrading Bitcoin from a challenger to currency to a commodity makes it look like recognition, but it’s actually a limitation—you can compete with gold for the store of value role, but don’t even think about touching the dollar’s turf. That’s the reality of regulation: acknowledging your existence, but only if you play within the boundaries I set.

On the other hand, the fact that the Fed Chair made a public statement about Bitcoin shows that it’s already too big to ignore. As for whether this is bullish or bearish news, the market will vote with its feet.