{"id":36850,"date":"2021-02-22T19:04:37","date_gmt":"2021-02-22T17:04:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36850"},"modified":"2025-08-29T08:27:22","modified_gmt":"2025-08-29T05:27:22","slug":"u-s-treasury-secretary-janet-yellen-calls-bitcoin-a-speculative-asset","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-treasury-secretary-janet-yellen-calls-bitcoin-a-speculative-asset\/","title":{"rendered":"U.S. Treasury Secretary Janet Yellen Calls Bitcoin a Speculative Asset"},"content":{"rendered":"<p><span style=\\\"font-weight: 400;\\\">Bitcoin is inefficient for transactions due to its highly speculative nature, said US Treasury Secretary Janet Yellen.<\/span><\/p>\n<p><!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Treasury Secretary <a href=\\\"https:\/\/twitter.com\/JanetYellen?ref_src=twsrc%5Etfw\\\">@JanetYellen<\/a> opened the <a href=\\\"https:\/\/twitter.com\/hashtag\/DealBookDC?src=hash&#038;ref_src=twsrc%5Etfw\\\">#DealBookDC<\/a> Policy Project, moderated by <a href=\\\"https:\/\/twitter.com\/nytimes?ref_src=twsrc%5Etfw\\\">@nytimes<\/a>\u2018s <a href=\\\"https:\/\/twitter.com\/andrewrsorkin?ref_src=twsrc%5Etfw\\\">@andrewrsorkin<\/a>, about the prospects for a post-pandemic recovery.<\/p>\n<p>Here are highlights from the discussion. <a href=\\\"https:\/\/t.co\/HTwImDn0oM\\\">https:\/\/t.co\/HTwImDn0oM<\/a> <a href=\\\"https:\/\/t.co\/VfmxZO4pbc\\\">pic.twitter.com\/VfmxZO4pbc<\/a><\/p>\n<p>\u2014 New York Times Events (@nytimesevents) <a href=\\\"https:\/\/twitter.com\/nytimesevents\/status\/1363874079850328068?ref_src=twsrc%5Etfw\\\">February 22, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote>\n<p><i><span style=\\\"font-weight: 400;\\\">\u201cDigital currencies can enable faster and cheaper payments. But many questions must be studied, including consumer protection and money laundering\u201d<\/span><span style=\\\"font-weight: 400;\\\">, <\/span><span style=\\\"font-weight: 400;\\\">\u2014<\/span><span style=\\\"font-weight: 400;\\\"> she said.<\/span><\/p>\n<\/blockquote>\n<p><span style=\\\"font-weight: 400;\\\">As part of the DealBook DC Policy Project, the Treasury Secretary also mentioned the need to consider launching a central bank digital currency (CBDC).<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">According to analyst Sven Henrich, Yellen has effectively declared war on Bitcoin.<\/span><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Yellen declares war on <a href=\\\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#bitcoin<\/a> <a href=\\\"https:\/\/t.co\/cydx3GVjio\\\">https:\/\/t.co\/cydx3GVjio<\/a><\/p>\n<p>\u2014 Sven Henrich (@NorthmanTrader) <a href=\\\"https:\/\/twitter.com\/NorthmanTrader\/status\/1363857735209660423?ref_src=twsrc%5Etfw\\\">February 22, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p><span style=\\\"font-weight: 400;\\\">Against the backdrop of Yellen&#8217;s remarks, bitcoin briefly dipped to <\/span><a href=\\\"https:\/\/t.me\/forklog\/17709\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\"><span style=\\\"font-weight: 400;\\\">$47,500<\/span><\/a><span style=\\\"font-weight: 400;\\\">. Ethereum price fell to $1,550. On Kraken, the price of the second-largest cryptocurrency by market cap slid to $700.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">At the time of writing, bitcoin price had recovered to $53,500. Market capitalization stood at $993.7 billion, according to CoinGecko.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">Janet Yellen <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-skeptic-janet-yellen-to-head-the-u-s-treasury\"><span style=\\\"font-weight: 400;\\\">headed<\/span><\/a> the U.S. Treasury Department in January 2021. Before her appointment she promised to closely <a href=\"https:\/\/u1f987.com\/en\/news\/us-treasury-secretary-nominee-concerned-about-links-between-cryptocurrencies-and-terrorism\"><span style=\\\"font-weight: 400;\\\">monitor the cryptocurrency market<\/span><\/a> and to curb the use of digital currencies for illicit purposes.<\/p>\n<p><span style=\\\"font-weight: 400;\\\">Earlier, investor Michael Burry<a href=\"https:\/\/u1f987.com\/en\/news\/opinion-governments-could-crush-bitcoin\"><span style=\\\"font-weight: 400;\\\"> suggested that governments would fan inflation and<\/span><\/a> begin to suppress gold and bitcoin<span style=\\\"font-weight: 400;\\\"> as competitors.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">In February, Fitch rating agency experts noted that<a href=\"https:\/\/u1f987.com\/en\/news\/fitch-ratings-doubt-rapid-popularisation-of-cryptocurrencies\"> <span style=\\\"font-weight: 400;\\\">tightening of supervision<\/span><\/a> could pose an obstacle to the rapid popularization of cryptocurrencies.<\/p>\n<p><span style=\\\"font-weight: 400;\\\">According to analysts at investment bank Macquarie, CBDCs will yield to bitcoin and other cryptocurrencies in competitive battles if the latter <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-cbdcs-will-lag-behind-cryptocurrencies\"><span style=\\\"font-weight: 400;\\\">become entrenched as a means of payment<\/span><\/a> in electronic commerce.<\/span><\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forkloglive\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog FEED<\/a> \u2014 the full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is inefficient for transactions due to its highly speculative nature, said US Treasury Secretary Janet Yellen.<\/p>\n","protected":false},"author":1,"featured_media":36851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1095,1334,36],"class_list":["post-36850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cbdc","tag-digital-dollar","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"48","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=36850"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36850\/revisions"}],"predecessor-version":[{"id":36852,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36850\/revisions\/36852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/36851"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=36850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=36850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=36850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}