US Treasury Secretary Janet Yellen spoke about Bitcoin at an event she attended in the morning. Yellen described him as a “speculative being” in his statements. Bitcoin price dropped thousands of dollars during the day.
US Treasury Secretary Janet Yellen attended the 2021 DealBook DC Policy Project event on Monday morning. According to The Economic Times, the two words Yellen used to describe Bitcoin were “speculative” and “inefficient”.
Trading with Bitcoin is “inefficient”
Referring to Bitcoin’s volatility, the Treasury Minister explained that it is a “highly speculative asset”. Yellen stated that, in addition to price fluctuations, trading with Bitcoin is “very inefficient” and that “huge amounts of electricity are used” to make these transactions. Bitcoin has been criticized for the environmental damage of its Proof-of-Work algorithm.
Janet Yellen once again brought up her “speculative” nature at another event she attended on Thursday and stated that this could pose a problem for the investor. According to CNBC’s report, Yellen, regarding bitcoin regulations, “Whatever it takes to protect investors should be done.” used the expression she.
Bitcoin price dropped thousands of dollars
Bitcoin price broke a record, exceeding $ 58,300 over the weekend. BTC lost thousands of dollars in value in one day on Monday. According to Coinbase’s BTC / USD pair, the price dropped to $ 46,616.