Bitcoin is “anything but” a useful store of value, former U.S. Federal Reserve chair Janet Yellen stated in a speech Monday, Canadian financial news outlet Kitco reported Oct. 29.
Speaking during an interview at the 2018 Canada FinTech Forum in Montreal, Yellen – who rose to fame in the cryptocurrency community last year as the target of the now infamous ‘Buy Bitcoin’ session at a House Financial Services Committee meeting – doubled down on her previous criticism of the asset.
“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,” she claimed, continuing:
“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.”
Having been present during Yellen’s speech, Satoshi Portal CEO Francis Pouliot was among the first to denounce her words on social media, describing them as “The Official NPC [non-player character] guidelines to Bitcoin FUD, courtesy of the FED.”
