Bitcoin drops further below key $50,000 level after Yellen calls it ‘extremely inefficient’

Bitcoin and other cryptocurrency prices tumbled on Tuesday, after a sharp warning from Treasury Secretary Janet Yellen.

However, Yellen, also said digital currencies were likely here to stay and that a “digital dollar” could serve as an easier payment system for many Americans who don’t have that access. The former Federal Reserve chair has made clear since taking over the Treasury that her department will take a close look at bitcoin, with possible regulation to come.

Bitcoin recently topped a $1 trillion in market value for the first time, and big moves seen this year have drawn in more investors and interest from companies such as electric-car maker Tesla TSLA, -8.55%, which revealed earlier this month a $1.5 billion investment in bitcoin and plans to accept it as payment in future. And credit-card giant Mastercard MA, +2.25% has also said it would allow merchants to accept some cryptocurrencies on its network later this year.

Today: Bitcoin soars above $50,000 level after Yellen calls it ‘extremely inefficient’ 😂

So the person who’s job it is to protect the US dollar at any cost doesn’t like it’s replacement. Shocking news!

It's still going to $1 million, right?

Old lady said what about who?

Watch new investor and crypto videos for beginners on YouTube

That's NOT why it's down 🙄. Seriously , who makes up these narratives ? Look at a chart, plug in bullshit title 😆

...or because of F2Pool sloppy market selling. Again.

The reporting on bitcoin is pretty bad as most news wires are attempting to attribute news to price moves. Bitcoin can experience +\\-30% swings on NOTHING ... it’s just flow.

Suckers sell bitcoin and make feds $300 billion in tax revenues.

It is inefficient compared to what we have now, it shouldn’t be number one. Something like Xrp (sec case aside) or Ada should. They’re much faster, and use a fraction of the energy!

Yellen JanetYellen

Yelen is, ironically, “extremely inefficient” as well. Lol

I’m pretty sure that’s not why.

Yellen trying to get in Bitcoin on the low by market manipulation . 😉🤣😂😂😂

Well they aren’t wrong

You don't ask the postal service whether e-mail is a good idea either?

Yellen can get stuffed. Political posturing while behind the scene looking for a way to get in and control.

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Thats because Janet Yellen is a crook. That old birds had her pocket greased by more hedge funds than you can count.

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