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05 March 2021

What Janet Yellen Gets Wrong About Bitcoin - Decrypt

What Janet Yellen Gets Wrong About Bitcoin - Decrypt


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Janet Yellen has again blasted Bitcoin, but critics say several of her assumptions about the cryptocurrency are inaccurate.

At the New York Times’ DealBook DC Policy Project today, the US Treasury secretary reiterated to journalist Andrew Ross Sorkin that she’s no big fan of Bitcoin, this time taking aim at its energy consumption and potential use for illicit financing.

“I don’t think that Bitcoin is widely used as a transaction mechanism,” Secretary Yellen said in response to a question about whether the Treasury Department needed to be paying more attention to the asset.

Although that might seem like splitting hairs to passive observers, who see BTC transactions and issuing Bitcoins as all part of a single network’s operating costs, Carter toldDecryptthat comparing Bitcoin to a legacy payment system is problematic

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