- Janet Yellen said on Monday that Bitcoin is highly volatile and an inefficient way for transactions.
- Robert Kiyosaki argued that the massive US dollar printing was efficient either, but makes Bitcoin more valuable.
On Monday, Janet Yellen, the United States Treasury Secretary, issued a warning about the largest digital currency, Bitcoin. She warned the public and BTC investors about the dangers of using the cryptocurrency, adding that its an inefficient medium for making transactions due to extreme volatility. The author of the popular Rich Dad Poor Dad book, Robert Kiyosaki, responded to her comment, saying massive printing of the US dollar wasnt even efficient either. Rather, it makes the cryptocurrency more valuable.
Janet Yellen warning about Bitcoin
As CNBC reported, the US Treasury Secretary opined that Bitcoins legitimacy and stability are questionable, owing to its properties. At first, Yellen explained that the cryptocurrency is becoming a preferred tool for malicious actors due to its anonymity feature. Also, Bitcoin mining consumes a massive amount of energy. Yellen also voiced her concern about the cryptos extreme volatility. According to her, Bitcoin is a highly speculative asset, and investors can suffer losses on it.
I dont think that bitcoin … is widely used as a transaction mechanism. To the extent, it is used I fear its often for illicit finance. Its an extremely inefficient way of conducting transactions, and the amount of energy thats consumed in processing those transactions is staggering, Yellen told CNBCs Andrew Ross Sorkin.
Robert Kiyosaki – Is printing trillions of fake ...
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