Janet Yellen lambasts Bitcoin, says it is “Extremely Inefficient” By BTC Peers


Janet Yellen lambasts Bitcoin, says it is “Extremely Inefficient”

Treasury Secretary Janet Yellen has continued to highlight everything bad about . In her recent criticism of the digital asset, she called it “extremely inefficient.”

The recently-appointed Secretary reiterated her belief that Bitcoin is primarily used for illicit transactions. She went further to state that it is an inefficient form of payment due to the amount of energy associated with Bitcoin mining and blockchain transactions. Yellen aired her views during an appearance at the DealBook DC Policy Project on February 22.

People should beware it can be extremely volatile and I do worry about potential losses that investors could suffer… I fear it’s often for illicit finance. It’s an extremely inefficient way to conduct transactions.

Just like last time, Yellen did not fail to acknowledge the potential of digital currencies. She believes that they could pave the way for faster and cheaper payments. The Federal Reserve could start working on a digital dollar, she hinted.

Yellen’s comments about Bitcoin came while the digital asset experienced a steep correction. After printing a new all-time high at above $58,400 over the weekend, the bears took over and initiated an $11,000 drop. Within a few hours, Bitcoin plunged to a low of $47,500 on Bitstamp. However, bulls quickly reclaimed their positions and Bitcoin bounced back. As of press time, Bitcoin was trading at around $54,000.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.