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Economy, Breaking News

Yellen sounds warning about 'extremely inefficient' bitcoin

Treasury Secretary Janet Yellen warns that bitcoin is an “extremely inefficient” way to conduct monetary transactions.

2/23/2021 3:20:00 AM

Treasury Secretary Janet Yellen warns that bitcoin is an “extremely inefficient” way to conduct monetary transactions.

Treasury Secretary Janet Yellen issued a warning Monday about the dangers that bitcoin poses both to investors and the public.

In addition to consumption concerns, bitcoin also is considered to be a tool of those involved in a number of illegal activities because its use is difficult to trace.Then there's volatility, as the cryptocurrency's price has seen rapid peaks and valleys during its existence.

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"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," Yellen said.Various government agencies have contemplated the idea of making an alternate digital currency with the hopes that it would open up the global payments system to those who don't have access.

The Federal Reserve, where Yellen once served as chair, has studied the issue and discussed the possibility of a new digital currency along with a payments system it expects to roll out over the next several years."I think it could result in faster, safer and cheaper payments, which I think are important goals," Yellen said.

Read more: CNBC »

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Okay boomer Actually is the more effiecent but ok For fuck sakes Janet.....I believes Americans already spends billions of dollars buying drugs, pornography and more illegal activities. Old lady thinks she can fool the ppl. I wasn’t terrified of JanetYellen’s ineptitude until now. This was brazenly disinformative. Bitcoin is used for illicit finance!?!? It has a record of it’s transactions, cash doesn’t. This was calculated market manipulation by a person of power. Very dangerous.

You people stuck in the old world are so funny Hold on let me check with the Federal Reserve.... And their down. angl0fredmption Central bank pissed off they can’t fuck over the public by controlling their money. There fixed your headline. wait till ur CRASH appears ! we'll then see which is efficient! JanetYellen shouldn't be in a post of authority. She is out of touch with the emerging fundamentals of the modern economy. The US will cede financial leadership to China on her watch.

For now. If there’s a will someone will make a way... Ok boomer Then they should look at the much more effecient $DGB DigiByteCoin Well no sh*t the local blockbuster owner is not gonna support Netflix.., or the taxi company support Uber.. or Barnes n noble support Amazon.. or .. I bet the woman about to die knows a bunch about blockchain and technology. HODL

She’s already proving how much she sucks. She’s an ancient relic who shouldn’t hold as much power as she does. assetinflation for the onepercent, that's your big thinking? criminals Old white people are falling over themselves to discredit bitcoin. They are very sacred. BULLISH. Lol her comments on Bitcoin crashed equities

fakenews still running with bitcoin is 'extremely inefficient”? Can’t imagine that Janet Yellen and her Wall Street cronies have an interest in seeing crypto hurt. When fees cost $25+ then the goblin lady is correct. The old guard knows nothing about blockchain and how useful it could really be. Only a matter of time. They’re fighting a losing war.

If Bitcoin is inefficient, then what’s Banking System? As she continues to destroy the dollar.. she’s stupid BUY Bitcoin I don't give a fuck what Janet Yellen's old ass has to say about anything Worst member of the cabinet. Without a doubt. She's experienced and has earned her stripes, but she is not the person to prepare the USA for a digital currency future. She's too rooted in a dying system. Meanwhile, China continues making strong moves in crypto... 🤦🏽‍♂️

✅ Understand in logical manner till when the Current Budget Rally will continue? Do remember - LIQUIDITY in markets is GREATER THAN VALUATION Analysis , till the easy liquidity is there markets can remain irrational and buoyant Just wait until she learns about $USD Translation: 'We can't control or tax it so it must be stopped.' These people are anti-Freedom, power hungry monsters. TermLimitsNow LiberalismIsAMentalDisorder

That's funny. All I heard was, 'Please don't spend your stimulus check on crypto, but make sure to blow it on retail goods'. Such BS from the 'leaders' of our monetary policy. The lady gets paid 100s of 1000s of $ to speak at BANK conferences. Conflict of interest? BITCOIN Bottom Line: Bitcoin is a solution looking for a problem.

'back in my day.. money was backed by precious metals!!!' Yellen is apart of the old guard. She just doesn't get it. I'm not a bitcoin fanboy but defi is the future. TekStol The Mooch ain't going to like this at all. Also, really don't trust 'The Mooch' with his BIG TALK🗣️about ₿. He's like any other investment expert. Sink your💰into the ₿ frenzy while 'The Mooch' is making loads of💰on your investment.

you sell, she an her oligarch friends buy, what a joke SHE’S YELLEN ABOUT BITCOIN! They really are saying It's causing the world bank and those secret trillionaires to lose money Wait till see finds out about the Internet. So...bitcoin is so terrible, that JanetYellen can't stop talking about it 🤔😂 JanetYellen shouldn't comment on things she is poorly informed about and cause damage to investors. People rarely buy bitcoin for transactions as she claims, they buy as a storage of wealth and as a hedge against the inflation SHE is helping create. bitcoin btc Crypto

Yes, it's not for little transactions of course, but do you buy everything with gold? Would be inefficient, too. BTC is there to save value where dollars loose it! And use for criminal activities? Really? Compare it to criminal activities with your dollar. Do your research. You are fire yellen Tính cách: chân thành, vui vẻ hòa đồng.

Oh that why I sensed elonmusk big head💥 Yellen verpest het feestje van Bitcoin . Madame bepaalt de regels wie mag vals spelen in de wereld. Printing pers of bitcoin ? Tell that to our ever increasing national debt. No one cared during the bear market. Store of value yellow, I mean yellin Did she mention anything ablut $$

Bitcoin and Ethereum are inefficient from a cost and time perspective... XRP is the only suitable coin for payments And the continually depreciated USD isn’t “extremely inefficient”? Be part of the solution and not part of the problem. JanetYellen I agree, looks like a Pyramid system to me that will come crashing down. I have looked at it and there is no substance to Bitcoin, looks and feels like trouble.

Retire Already It will end in tears,,,bitcoin will fall H_Factorial Right 😉 ok whateva. Bitcoin is a stable as GameStop. If Bitcoin can redistribute wealth within America it can also redistribute wealth from Country to Country. Redistribute is a nice word for theft. She goes on to say that a “digital dollar” is needed. Government can’t control Bitcoin. Therefore, it’s unacceptable to them!

Super boomer So is gold. But still extremely valuable Okay, so the loser who helped America's working class fall behind after the financial crisis is saying something to help the wealthy? Suprise, suprise. probably time to sell my zero shares in bitcoin and get out. Monetary transactions.....heheh I'm pretty sure she is shorting it.

BOOMER ALERT! WOW!! Clueless Janet at it again. 🤷🏼‍♂️🤦🏻‍♂️😂 Whoever is manipulating Bitcoin it’s about to go down tonight. Everyone suspects F2 pool. I think it has to do with CME derivatives options expiring. Look at cryptoquant they show 11kBtc F2 Tonight. Last night was 3600 If you shop at Walmart a dollar will buy more stuff than a million bitcoins.

Install Bee Network to mine Bees. Click on the app once every 24 hours and that’s it! You can Thank me in a couple years. Use code “BahramTheBee” for one free Bee at registration. This coming from the woman who got paid by Citadel and allows blatant market manipulation and claims her administration is better than Trump.... lmao what a joke she is

She's right, if you've ever waited for a bitcoin transaction and it can take hours sometimes, not only that but the fees are ridiculous! I have btc but I don't like moving it so it just sits, I'd never pay for anything with it ! That’s why $XRP is literally 1000x better, 3 sec fast under a penny cheap transaction with the most use cases, team partnerships, energy efficient, more decentralized and most transparent than Bitcoin and ETH.

She should back Ripple also coinbase when this joke of a lawsuit is dismissed how soon will we be able to buy Ripple This old witch 🧙‍♀️... just retire already and sail off to sunset It now it is seen as a store of value that may be recession resistant because it it difficult to mine more. More efficient

Money Grandma likes her money the old fashioned way. Printed at will Of course a former chairperson of the federalreserve has negative things to say about Bitcoin. Should we expect anything different? Has anyone tried turning the blockchain off and on again? Hmmmm - carbon output from electrical use vs heap leaching with cyanide to produce precious metals.... 🤔

Bitcoin sure is faster, more efficient, guaranteed to be completed and provable the recipient got it compared to any bank transfer or wire. Ouch!! She’s right also “Ok boomer” Anddddd another 100 bucks into bitcoin, thanks for making me rich yellen ;) Seems out of touch. I don’t think anyone cares what government believes is efficient. Not their strong suit.

Cheers Janet. Few!! Wait till she hears about the US dollar She’s 74 years old what do expect her to say about Bitcoin cmon folks hard to put your signature on btc, and much harder to serialize the note... maybe all the chit chat is bc there is a growing threat of its acceptance as an agreed contract.... ruh roh

I think Bitcoin is a fantastic intelligent international way of doing business, Banks cannot charge you interest and the Government cannot tax you on transactions. It is a great idea. In Bitcoin we Trust not Men / Ladys ✊🧞‍♂️🌈✊ Well yea..... when you make a couple of million $$$ every couple of years giving talks to Goldman Saks & JP Morgan executives that’s what you say.

Just bought more because of this tweet. They are scared. $AABB Certainly not an investment strategy Yawn 😂🤣 What the hell does she know? Shes like 200yrs old. Allow me to paraphrase Mrs’ Yellen: “an extremely inefficient way to hoard, control and monitor monetary transactions, meaning no interest involved, which leads to losses for the major hedge funds and banks”.

How does one value a Bitcoin? My fear is that co's will use Bitcoin in their free cash. Very dangerous for so many reasons I cannot list them all. She’s right Hahahahaahaha keep printing that money 💰 Just continue to say whatever you need to say in order to keep the script going and gaslighting to people loser

CNBC just loves spreading anything negative about Bitcoin. I tell you all, find out where these manipulating hosts of CNBC live and form protests outside there homes! Everyone of them. Except Cramer. toi la nguoi it noi. hien, biet suy nghi, tam ly, hoa dong voi moi nguoi such a garbage article. 'It uses as much energy as this small, eco friendly nation that has a population of 1.5% of the US!' stop with this bullshiiiiiit

Okay dinosaur. She is prolly the same person who calls her grand children when she has a simple problem on the computer. Btc is for the NEXT generation not hers I have decided to hold a special event! Go to //\\\\ Every one gets a fair chance.!! coinkit_ mon 20 50 $DOGE DOGE CTBot Adrop Ram 0.05 ETH 50 cctip_io draw 5000 1000 $DOGE DOGE

Bitcoin will be extremely inefficient until you have a government backed version and then al if a sudden, crypto will be extremely efficient. Get with the times Janet. A lot changing... look ahead 😒 Coins without a bank sounds like a crime in progress. Warning Bitcoin is likely crash when Federal Reserve issues new digital currency.

bitcoin is an unregulated Ponzi scheme. Buy Another altcoin maxi, smh Shut up YELLEN GO HELL 🔥🔥🔥 Please use our fiat currency not that one. -obey She’s right. XRP is 57,000 times more efficient and wastes far less energy too. Đàn bà vui vẻ Oh please, your checking account is made up of computerized numbers just like Bitcoin is. There nothing backing up your checking account accept a human being paid by the Government to enter key strokes in the computer and big guns to enforce it. Bitcoin forces no one to use it

Just wait till she figures out what Luna and UST are. Dammit Janet introduce trusted ones beside tether and etherum Have we heard of Ethereum or maybe Dogecoins. Time to wake up everyone. The old people don’t want the system they control to be updated. The future is now. Lol. She should go back to the nursing home.

I disagree, I own Bitcoin and it works smoothly for me. I even have more Bitcoin credit than my US bank will permit me to have. Where can they be found? Unknown. ErichReimer Because they haven’t figured out how to tax it? Yep! But according to Gresham's law (bad money drives out good money in circulation), there's a lead time before BTC will be involved in many transactions. Until then the USD will continue to weaken. The USD is 'bad' money, Bitcoin is 'Good'

Because US Dollars are the epitome of 'efficiency' Yeah, can you SETTLE dollar - Iranian real transaction in 1 hour darling? If you struggle bitcoin can help. Cash’s consistent annual depreciation over time, requiring additional work just to maintain value, could be previewed as inefficient to some. It 'inefficiently' made me $$$$. So she can keep on Yellen. No one is listening. Bitcoin is my stimulus.

This is the quickest way to become irrelevant. I thought dinosaurs were all extinct. It removes politics too. What if we used the blockchain for the stimulus bill? I bet the money would actually get in the people’s hands! time to buy Right but the dollar is 😂 From being able to tax it Jesus, such a terrible take. No shit it’s not being used as a currency right now. Gold didnt have its outreach as it does now when it was just starting. Such a bullshit move to blame it on “illicit finance” when they are just too snaky and scared of change.

Very nicely put but it's a freakin ponzi scheme Ok Janet Of course she says that; I would be shocked if she didn’t. It’s not a fiat currency so she has no control. No government does. That’s the beauty of Bitcoin. Meanwhile..... Stop yellen at us lady Sure sure, it needs armored trucks, border guard a complex system for really skilled labor who needs expensive education and training just to book keep and transfer cash....sure this is not as efficient as a few computers on a secure network can do.......smh :S :S

ban it JanetYellen Men lie, Women lie, numbers don’t Madam Secretary. 🤡🤡🤡🤡 Because she can’t take her cut and control the flow schwartzbCNBC Hamlet: 'There is more on heaven & earth, Horatio, than is dreamt of in your philosophy.' Horatio: 'Dude, I'm not buying Bitcoin!' Bitcoin warns the USTreasury is an 'extremely inefficient' way to conduct monetary transactions and policy.

Boomer says what Ok Boomer OMG here we go again Fudsters!!! unfollowcnbc I Already sold it Getting paid millions for speeches from a dinosaur is actually much worse Pretext for a future announcement Nice timing. Not conspicuous at all. Every day she talking shit about bitcoin , she worried about the Dollar ...

Clearly she prefers $DOGE What is she supposed to say? “Abandon the dollar as reserve currency and go to Bitcoin?” This is so not news. Don’t like her. Remember economic growth does not cause inflation... bad money does! No printing means inefficient. Yes, much more efficient to have a third party involved that charges 3% transaction fee while adding no value for all monetary transactions.

well she did not do a deep dive interview on crypto so it's hard to understand to what extent she is familiare with it. I might be biased but for such an old lady she might be even worse than PeterSchiff Digit dollar future. Make your Bitcoin money now. Breaking news: Monetary inflator speaks ill of currency she can't inflate

Trust the money printer! OK BOOMER