Federal reserve bank adds cryptocurrency to research database

Posted: 22 June 2018 4:14 pm

The Federal Reserve Bank of St. Louis has added BTC, ETH, BTH and LTC price tracking and history.

In a growing sign of adoption and of cryptocurrency continuing its mainstream break in, the Federal Reserve Bank of St. Louis has added bitcoin, Ethereum, Bitcoin Cash and Litecoin price tracking and history to its Federal Reserve Economic Database (FRED) system.

The inclusion of cryptocurrency prices is another sign of legitimacy for the part-currency part-asset class. St. Louis Federal Reserve president James Bullard has previously described bitcoin as a good thing overall, noting that it's "facilitating trade that would not otherwise occur. Some of that’s illegal, but some of that is avoiding costs that would otherwise be there".

"We think blockchain technology is very interesting," he said. "We want to be very engaged and thoughtful as this proceeds."

Part of this engagement might be the addition of price history and tracking to the FRED database, opening it up for further analysis and research of past and future trends.

The prices are provided by Coinbase, and include the currently somewhat cursory Coinbase Index data.

The views from St. Louis aren't shared by all central banking organisations, and recently BIS the "central bank of central banks" recently derided bitcoin in a scathing report.

Its views focused on the potential of bitcoin – which it seemed to conflate with cryptocurrency as a whole – to overtake the global banking system and concentrated on its shortcomings in this area. One of the report criticisms, among others, is that it's not currently in any position to even think about taking over the world economy, and that there's plenty of room in existing margins for cryptocurrency to see valid use as a medium of exchange without ever becoming a de-facto global currency.

Bullard's opinions might be closely aligned with the current state of bitcoin and cryptocurrency in the real world than those voiced in the BIS report. He has previously noted that the US dollar's current position is hard to beat, and that he doesn't see bitcoin as a threat to economic stability.

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site