U.S. Treasury Secretary Janet Yellen has warned about the dangers of bitcoin as the price of the cryptocurrency took a nosedive. She sees bitcoin as a highly speculative asset and is worried about potential losses investors can suffer. Yellen also believes that bitcoin is not widely used as a transaction mechanism due to its inefficiency, reiterating her view that the cryptocurrency is often used for “illicit finance.”
Janet Yellen’s Warning About Bitcoin
Janet Yellen has blasted bitcoin again Monday in an interview with CNBC at the New York Times Dealbook conference. The treasury secretary “issued a warning about the dangers that bitcoin poses both to investors and the public,” the news outlet conveyed.
Regarding bitcoin, Yellen was quoted as saying:
It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer.
The price of bitcoin started falling sharply Sunday