Janet Yellen speaks critically about cryptocurrencies

The new US Treasury Secretary Yellen has not exactly earned a reputation as a crypto enthusiast in her previous position as Fed President. Now she makes some contradicting statements.

Janet Yellen is the first woman to head the US Treasury. The lack of regulation of the crypto market in the USA is denounced by many. Janet Yellens statements from the past indicated that she was rather skeptical about the successes of Bitcoin and other cryptocurrencies

Janet Yellen recently reiterated this rather critical point of view at a New York Times event. She cannot imagine that Bitcoin will manage to become a “widespread transaction mechanism”. The New York Times has now published the interview.

“It’s an extremely inefficient way to conduct transactions, and the amount of energy that goes into processing those transactions is shocking.”

However, Yellen did not specify exactly where she sees the “inefficiency”. This statement is all the more surprising given that when she was sworn in as minister, Yellen stated that Bitcoin and other cryptocurrencies offer “potential advantages for the US and its allies” and “improve the efficiency of the financial system”.