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

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

2/23/2021 12:56:00 PM

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

The price of bitcoin fell below the psychologically important $50,000, after Treasury Secretary Janet Yellen sounded a warning over the cryptocurrency.

“It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” Yellen said in an interview with the New York Times’ Dealbook late on Monday. It isn’t the first time she has criticized the cryptocurrency, which she said is often used for illegal transactions.

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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 price of bitcoin BTCUSD, -12.65% was last down 14% to $47,891, a level it hasn’t seen in around a week, but it is still up 73% so far this year. Losses weren’t limited to bitcoin, with prices of ether, the currency that runs atop the ethereum ETHUSD, -17.18% platform, off 20% and for XRP XRPUSD, -21.08%, which is pegged to Ripple, down 22%.

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.She’s only a “temporary game-stopper,” said Stephen Innes, chief global markets strategist at Axi, in a note to clients. “Besides the enormous Middle East consortium interest in the bitcoin ETF trading on the Toronto exchange that needs to hedge physical, but if corporates start to add physical coins to the balance sheet this year, that is the game-changing panacea,” he said.

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.

Read: Tesla bitcoin gambit already made $1 billion, more than 2020 profit from car sales, estimates analystBut bitcoin had volatile start to the week, dropping on Monday in a move that some blamed on Tesla TSLA, -8.55% Chief Executive Elon Musk. Over the weekend, he tweeted that “BTC & ETH do seem high lol” in response to Euro Pacific Capital Chief Executive Peter Schiff, who defended gold over bitcoin. “Gold is not BS. It’s real money and better than both!”

iframe.twitter-tweet { width: 100% !important; } That back-and-forth between Musk and Schiff continued on Tuesday, with the latter criticizing the electric-car CEO’s bitcoin approach. Musk responded with an eggplant emoji, which some inferred was his way of dismissing the comment. That emoji was banned by social media group Facebook on its Instagram unit over phallic symbolism and foods.

Read more: MarketWatch »

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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.

Don't sit back and watch bitcoin trend while others are using the same privilege to make money, never be ignorant about it, if you have a blockchain wallet, coin pH You can make more money up to $10,000 with your phone or PC, Ask me how or inbox me via WhatsApp +1(928) 316-4117 Thats because Janet Yellen is a crook. That old birds had her pocket greased by more hedge funds than you can count.