Fed Daly: Cryptocurrencies should not be confused with gold, far from being "money"

Mr. Daley, president of the San Francisco Fed, said cryptocurrencies should be treated as a separate asset class, not confused with gold as is often the case, and were complex and not yet ready to become "money".
"I think cryptocurrency is a complicated thing, and the service we need to provide for everyone is to really decipher what it means, and once we've done that, we can define it," Daly said in the podcast. "It can be a currency, it can be a medium of exchange, it can be a stock, an asset that holds value or sometimes depreciates. We just have to define those terms." "So I don't think it's like gold," Daly added. "It has gold-like properties at times, but I don't think it's like a gold-like asset." (Golden Ten)