St. Louis Federal Reserve Bank will use Bitcoin to track costs

[Yugocean]

The Federal Reserve Bank (FRB) of St. Louis, like all other government banks, is not a crypto supporter, but due to the current state of the US dollar, it will use Bitcoin to determine the right pricing of items.

On May 23, 2022, James Bullard, President of the St. Louis FRB urged investors against cryptocurrencies, even describing most of them as "worthless"; but, on June 6, 2023, the Bank reversed its position due to the USD's inability to track value.

The Bank's economic data is unable to locate accurate food and energy costs, so the Bank has opted to purchase items in satoshis (Bitcoin units) rather than dollars in order to track their true cost. Because there are no middlemen involved and the P2P technology is the easiest, the bank find it helpful for tracking.

The 'Gateway to the West,' as St. Louis is known, is the second-largest city in the US state of Missouri. By purchasing products with Bitcoin despite the bear market, the bank is paving the road for cryptocurrencies.​

 

[SpenserReed]

The Bank's economic data is unable to locate accurate food and energy costs, so the Bank has opted to purchase items in satoshis (Bitcoin units) rather than dollars in order to track their true cost. Because there are no middlemen involved and the P2P technology is the easiest, the bank find it helpful for tracking.
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So they think BTC is a kind of stablecoin, so they can track their spending more accurately?

 

[Yugocean]

So they think BTC is a kind of stablecoin, so they can track their spending more accurately?

No, they have their tracking plan which USD isn't tracking, because dollar is a controlled money. Banks blog is comparing the price if egg in USD and BTC to understand it, price of both goods and crypto depends on market while USD will remain stable especially in US till govt means it.