The US Federal Reserve Bank’s St Louis branch is now using its research database to track the prices of four cryptocurrencies, the official website reports. Now, current records for price trends are available, as well as historical records dating back to 2014, for Bitcoin, Bitcoin Cash, Ethereum and Litecoin. According to the site:
The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph.
The Economic Research arm of the Federal Reserve Bank of St Louis has a dedicated section on its site to cryptocurrencies and fintech, showing that the apparent interest shown by this most recent move is not entirely new. Indeed, VP David Andolfatto hosted a seminar on crypto four years ago. More recently, Scott A. Wolla published an article on the site, giving an overview of Bitcoin and whether it is a viable financial investment. Unsurprisingly though, the article raises the same arguments that have been rattling around the crypto space for a while now. The tulip bulb gets a significant mention, as do volatility and security:
Bitcoin has characteristics that allow it to function as money and make it a useful payment method. That is, it is relatively easy to transfer Bitcoin to other people or businesses, even for international transactions. However, other aspects of Bitcoin make it less desirable for everyday transactions, including security problems and volatile price fluctuations.
– Scott A. Wolla
Image Credit: Deposit Photos