“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.
The Official NPC guidelines to Bitcoin FUD, courtesy of the FED. Full video coming tonight.
— Francis Pouliot (@francispouliot_) October 30, 2018
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.”