«Anything But» Useful: Former US Fed Chair Attacks Bitcoin, Again

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Recently Visa’s CEO Alfred Kelly argued that the company is not going to start looking into crypto-systems unless cryptos shift from being commodities to payment systems. Thus, Kelly assumed that cyber-coins are treated as such. Janet Yellen, a former US Federal Reserve chair, does not appear to agree with such a notion.

In a new interview, she said that bitcoin is neither a robust payment system nor a reliable source of value.

Former US Federal Reserve Chair Not a Fan of the «Big Daddy»

Janet Yellen, who was a Chairwoman of the US Federal Reserve during Obama’s second term, has come out with bearish claims regarding bitcoin, again.

On October 29, the former chair Janet Yellen attended he 2018 Canada FinTech Forum in Canadian Montreal, where she gave an interview, referring to bitcoin in particular. As per Kitco report, Yellen called BTC «anything but» a useful source of value.

“It has long been thought that for something to be a useful currency, it needs to be a stable source of value, and bitcoin is anything but,” Yellen said.

Afterwards, she went on to claim:

“It’s not used for a lot of transactions, it’s not a stable source of value, and it’s not an efficient means of processing payments. It’s very slow in handling payments. It has difficulty because of its very decentralized nature.”

It is not the first time Yellen is so critical regarding cyber-assets. At another event last year she dubbed BTC a “highly speculative asset,» and also singled out its volatility as a source of value. At that time, she also noted, the American Federal Reserve Bank was not really looking into virtual currencies and issuing its own one.

As governments around the world are still trying to come up with regulatory solutions regarding cryptos and decide whether it is a payment method or an asset, like in Ukraine,the price of the «Big Daddy» demonstrates unpromising trends. On the same day when Yellen came with the claim, between around 10:30 AM and 3:50 PM UTC bitcoin’s price went down by approximately $100. As of writing, Bitcoin is traded at $6,336, which is 0.16% lesser than a day ago.

Image Source: Flickr

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