Are cryptocurrencies like bitcoin about to surge into the mainstream, as so many proponents are hoping? One sign they might be was provided on Monday by Federal Reserve chairman Jerome Powell. During a panel on cryptocurrencies and international payments sponsored by the International Monetary Fund, Powell said that the Fed is researching the viability of creating and maintaining its own central bank digital currency (CBDC). Image source: Getty Images. His words were measured, yet they indicate that the consideration is serious. "We think it's important that any potential CBDC would serve as a complement to, and not a replacement for, cash and current private-sector digital forms of the dollar such as commercial bank money," he said. Powell enumerated several concerns that he and his colleagues must take into account, not least the potential CBDC's effect on monetary policy and supply, and how it would impact financial stability. Security and privacy are also important considerations. Some cryptocurrency bulls have advocated for a overarching and accessible global cryptocurrency. Facebook (NASDAQ: FB) had ambitions in this sphere, announcing in 2019 that it was creating such a product, Libra. But lawmakers and critics soon pounced on the idea of Facebook potentially acting as a sort of unregulated, digital-age central bank on its own, and potential partners started to abandon the project. Powell's pronouncements, while optimistic, appeared to be short on detail. So at this early stage it's hard to gauge how the Fed's moves in this arena will impact Facebook's project, in addition to cryptocurrency businesses such as Grayscale Bitcoin Trust (OTC: GBTC). Judging by investor reaction to Powell's words, a company like Grayscale might benefit from the creation of a Fed cryptocurrency. In contrast to the broader market's Monday slump, Grayscale's stock rose by 3.2%. 10 stocks we like better than Grayscale Bitcoin TrustWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Grayscale Bitcoin Trust wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Eric Volkman owns shares of Facebook. The Motley Fool owns shares of and recommends Facebook. The Motley Fool has a disclosure policy.Source