The former head of the FED named Bitcoin weaknesses

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The former head of the FED named Bitcoin weaknesses
Federal Reserve Chair Janet Yellen prepares to speak before a Senate Banking, Housing, and Urban Affairs Committee hearing on the ìSemiannual Monetary Policy Report to the Congressî on Capitol Hill in Washington, U.S., February 14, 2017. REUTERS/Joshua Roberts - RTSYMI3

The former head of the US Federal Reserve, Janet Yellen, thinks Bitcoin is a useless asset. In one of her last speeches, she named cryptocurrency weaknesses.

Speaking to journalists at a forum in Montreal (Canada) dedicated to financial technologies, the former head of the Fed said that any asset should have a stable source of value. Bitcoin does not possess such quality, in her opinion.

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Yellen stressed:

“It’s not used for a lot of transactions, it’s not a stable source of value, and it’s not an efficient means of processing payments. It’s very slow in handling payments. It has difficulty because of its very decentralized nature.”

Janet Yellen is included in the list of the most ardent opponents of the largest digital currency. Bitcoin, she criticized last year, when he traded in the zone of historical maximum.

Yellen directly called Bitcoin a speculative asset, not a source of real value. She also stated that the Federal Reserve would not develop its own digital currency.

At the same time, since the spring of 2014, the US financial regulator has been closely monitoring the development dynamics of the cryptomarket and is interested in the possibilities of using Bitcoin.

It’s no wonder that Federal Reserve doesn’t like Bitcoin. Francis Pouliot, CEO of the Satoshi Portal commented her speech as “The Official NPC guidelines to Bitcoin FUD, courtesy of the FED.”

One Twitter user even found a trade signal in this speech :