Head of the US Federal Reserve: Bitcoin is Exclusively Speculative Asset

December 17, 2017

Head of the US Federal Reserve: Bitcoin is Exclusively Speculative Asset

US Federal Reserve Chair Janet Yellen commented on her colleagues' statements that Bitcoin is "the largest financial bubble in history."

"I do not think that Bitcoin plays any role in the global financial environment now. It is far from being stable and is not a means of payment in most countries. This is an exclusively speculative asset," Yellen said.

The current Chair of the Federal Reserve Board came into office in 2014, and it should be noted that she has rarely discussed the topic of crypto-market since then. However, it was in the year of taking her post that Yellen stated that the department does not have the capacity to regulate Bitcoin. So far, she has not changed her opinion on it. 

"The Fed cannot influence Bitcoin, but I can say that banking organizations are closely watching the participants of this market and are doing everything possible to prevent the fact of money laundering via this currency,"  Head of the US Reserve System said.

Yellen also added that though some central banks had announced their intention to create their own regulated cryptocurrency, in the coming years the department plans not to raise the topic.

"This is not something that we would like to consider. We certainly follow the research that is taking place in this area but, in my opinion, the benefits from the introduction of these technologies into any systems are not so great at the moment. These developments have a number of significant shortcomings, " she said.

Let us add that this was one of Yellen's last speeches as Head of the department. It is assumed that next year this post will be occupied by Jerome Powell, who, incidentally, has a similar point of view regarding the most popular cryptocurrency.

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