The former head of the fed listed the weaknesses of bitcoin
The former head of the Federal reserve system of the USA Janet Yellen believes bitcoin is a useless asset. During one of his recent speeches she listed the weaknesses of the cryptocurrency.
Addressing journalists at the forum in Montreal (Canada), dedicated to financial technology, former head of the fed has said that any asset should have a stable source of value. Bitcoin such as, in its opinion, is not.
Bitcoin is still not used for most transactions and is not a stable source of value. In addition, the cryptocurrency is not used by most market players to process payments for poor performance. There are a lot of problems in the bitcoin network, linked to its decentralization.
Janet Yellen is one of the most outspoken opponents of the largest digital currency. Bitcoin she criticized last year when it was trading in the area a historic high.
Yellen called bitcoin a speculative asset, not a source of real value. She also stated that the Federal reserve will not develop its own digital currency.
At the same time, the U.S. financial regulator in the spring of 2014 is closely monitoring the dynamics of the stock market and is interested in the potential applications of bitcoin.