US Treasury Secretary Yellen made a speech at the DealBook summit organized by the New York Times. In his speech that started at 17:00, Yellen said that Bitcoin is “extremely inadequate” to process transactions.
Yellen once again described Bitcoin as a “highly speculative asset” as he said before and claimed that it was used for illegal purposes.
“People should be careful that Bitcoin is a highly volatile asset, and I am concerned about possible losses to investors. I’m afraid it’s often used for illegal financing and is also extremely inadequate for transactions. ” used the expressions.
Yellen underlined that it makes sense for the Fed to work on a digital dollar. The minister acknowledges that digital currencies could lead to faster and cheaper payments.
Bitcoin fell sharply due to these comments by Yellen. At the time of Yellen making these statements, the crypto money was withdrawn to $ 47,400 and in some exchanges it went below $ 47,000.