Bitcoin, Crypto currency, Blockchain

Ex-Chairman of the Federal Reserve: “Bitcoin is neither memory nor currency”

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Ex-Chairman of the Federal Reserve: “Bitcoin is neither memory nor currency”

Home News Ex-Chairman of the Federal Reserve: “Bitcoin is neither memory nor currency”

Of
Marcus Misiak –
31.10.2018

Janet Yellen, the former Chairman of the Federal Reserve, the Central Bank of the USA, has declared yesterday on the Canada FinTech Forum in Montreal once again, your dislike of Bitcoin and other crypto-currencies. Yellen said that Bitcoin is neither a suitable store of Value, is still a useful currency.

The former Federal Reserve (Fed) chair Janet Yellen was known in the past year, within the crypto-Community as the target of the now infamous “Buy Bitcoin”Session. During a speech a behind a seated Person holding up a “Buy Bitcoin” cardboard sign. Yellen stated last year that Bitcoin has experienced in the last few months, a remarkable growth, but still a “highly speculative asset” and “no stable source of Value”. They also noted that Bitcoin is still a very small part of the whole payment system and no danger for the global financial stbilität.

In a speech to the Canada FinTech Forum’s 2018, Janet Yellen, took a 5-minute billing with Bitcoin, in which they brought all the old clichés, the abspulte least of all, Nouriel Roubini. She stated that Bitcoin and crypto-currencies in General, it is mainly used for illicit transactions that Bitcoin is not a store of Value, a currency, and in addition, too much energy is consumed:

Many of the transactions that take place in Bitcoin, are illegal, harmful transactions. I am concerned about the impact and the use of crypto-currencies for the financing of Terrorism, money laundering, and the like.

It is believed since a long time that something needs to be in order to be a useful currency, a stable source of Value, and Bitcoin is anything other than that. It is not used for many transactions, it is not a stable source of Value, and it is not an efficient means of payment processing. It is very slow in processing payments. It has difficulties, because it is very decentralised.

The amount of energy consumed to send transactions, is very high.

Satoshi Portal CEO Francis Pouliot was during the speech by Yellen in attendance, and was one of the first people on Twitter commented to your statements to criticize: “Janet Yellen has just a 5-minute Rantine against Bitcoin to the VIPs of the financial industry in Montreal to be delivered. You will by all parties to the delivery points of Nouriel. The official NSC guidelines for Bitcoin FUD, courtesy of the FED.“

The more Echo on Twitter was similar. Anthony Pompliano, founder & Partner at Morgan Creek Digital, said that Bitcoin is Far more Transparent than the Central Bank, the Federal Reserve.

The Twitter User Zerohedge got it, and posted a statistic about Inflation and the real prices under consideration of the Inflation and alluded to the fact that the US Dollar is (also) not be a suitable store of Value.

The whole of the speech of Janet Yellen you can do the following:

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