Fed's Jim Bullard: Bitcoin is a Rival to Gold

St. Louis Federal Reserve President James Bullard told CNBC on Tuesday he believes that increasing interest in bitcoin does not pose a serious threat to the U.S. dollar as the world’s reserve currency.

"You don't want to go to a non-uniform with currency," St. Louis Fed President James Bullard told CNBC's "Squawk Box" Tuesday right after bitcoin’s price broke above USD 50,000 for the first time in history.

“I just think for Fed policy, it’s going to be a dollar economy as far as the eye can see — a dollar global economy really as far as the eye can see — and whether the gold price goes up or down, or the bitcoin price goes up or down, doesn’t really affect that,” Bullard said on “Squawk Box.”