Treasury Secretary Janet Yellen warns of ‘extremely inefficient’ bitcoin

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[NTV] ABD Hazine Bakanı Janet Yellen, enflasyonun ABD ekonomisi için bir sorun olmasını beklemediğini belirterek, faiz artırımının "öngördüğü ya da önerdiği" bir şey ... ABD Hazine Bakanı Yellen'dan faiz açıklaması ... Daha fazla göster

[Anadolu Agency] Küresel piyasalarda, ABD Hazine Bakanı Janet Yellen'ın açıklamaları ile oynaklığın arttığı görülürken, yatırımcılar da gelecekte olası sıkılaştırma adımlarının ... Küresel piyasalar ABD Hazine Bakanı Yellen'ın açıklamaları ile karıştı ... Daha fazla göster

[Sözcü] ABD Hazine Bakanı Janet Yellen'ın 'ekonominin aşırı ısınmasını önlemek için faiz artışlarının gerekebileceğini' söylemesi piyasada satışa neden oldu. Yellen'ın faiz çıkışı piyasayı sarstı ... Daha fazla göster

[CNN Türk] Son Dakika Ekonomi Haberleri - ABD Hazine Bakanı Janet Yellen, enflasyonun ABD ekonomisi için bir sorun olmasını beklemediğini belirterek, faiz artırımının ... ABD Hazine Bakanı Yellen, faiz artırımının "öngördüğü ya da ... Daha fazla göster

[TRT Haber] ABD Hazine Bakanı Janet Yellen, hükümet harcamaları nedeniyle faiz oranlarının biraz artması gerekebileceğini söyledi. ABD Hazine Bakanı Yellen'den faiz artışı sinyali ... Daha fazla göster

[Dünya Gazetesi] The Atlantic dergisi tarafından düzenlenen video konferans etkinliğine katılan Yellen, ABD Başkanı Joe Biden'ın toparlanma... Yellen: Faiz oranlarının biraz artması gerekebilir ... Daha fazla göster

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In conversation with CNBC's Andrew Ross Sorkin on Monday at the New York Times DealBook Conference, Treasury Secretary Janet Yellen issued a warning about the dangers that bitcoin poses both to investors and the public. Subscribe to CNBC PRO for access to investor and analyst insights on bitcoin and more: https://cnb.cx/2BT2E7y

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

Despite a sharp slide in price to start the week, the cryptocurrency continues to trade above $53,000 as it has received boosts from various sources. Elon Musk’s Tesla recently made a substantial purchase and has said it will accept bitcoin for transactions.

However, Yellen said there remain important questions about legitimacy and stability.

“I don’t think that bitcoin … is widely used as a transaction mechanism,” she told CNBC’s Andrew Ross Sorkin at a New York Times DealBook conference. “To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

Mining bitcoin requires users to solve complex mathematical equations using high-powered computer setups. The electric consumption used in the process leaves an annual carbon footprint equal to the nation of New Zealand, according to Digiconomist.
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.

“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.

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Inflation: Janet Yellen stärkt Inflationsangst - und rudert zurück - manager magazin. Janet Yellen clarifies inflation comments after roiling Wall Street. Yellen sees no inflation problem after rate hike comments roil Wall Street. Yellen says interest rates may need to rise to stop economy from overheating. Yellen says she isn't predicting higher interest rates. Treasury Secretary Janet Yellen: Fed may have to raise rates. Yellen Rattles Markets With Rate Talk. Treasury Secretary Janet Yellen: Don't think there will be an inflationary problem. Janet Yellen: Interest rates may need to rise modestly. Janet Yellen is sworn in as Treasury secretary.