Bitcoin is “anything but” a useful store of value, former U.S. Federal Reserve chair Janet Yellen stated

According to a speech given by former US Federal Reserve chair Janet Yellen on Monday, Bitcoin is “anything but” a useful store of value, Canadian financial news outlet Kitco reports.

“It has long been thought that for something to be a useful currency, it needs to be a stable source of value, and Bitcoin is anything but. 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,” she said.

Satoshi Portal CEO Francis Pouliot was present during Yellen’s speech and was one of the first to take to social media to criticize her statement, saying:

Yellen made a similar speech in December last year, where she called Bitcoin a “highly speculative asset” and “not a stable source of value.”

Yellen’s comments aren’t a far cry from those made by Nouriel Roubini earlier this month, who described the cryptocurrency industry as “the mother and the father of all financial bubbles.”

Also read: U.S. citizen has pled guilty before a federal court to operating an “unlicensed money transmitting business” via LocalBitcoins.com

Source: https://www.chepicap.com/en/news/4799/ex-federal-reserve-chair-janet-yellen-says-bitcoin-is-anything-but-useful-.html