New Nominee for US Treasury Secretary Janet Yellen Warned Bitcoin Is Not a Stable Store of Value

The famous labor economist Janet Yellen who was recently announced as a nominee for the United States Treasury Secretary by the newly-elected President of the United States Joe Biden issued previously a warning related to Bitcoin the world’s largest digital currency in terms of market capitalization. Yellen has also been serving as the chairman of the United States Federal Reserve in the period between 2014 and 2018.

Bitcoin Warning

While issuing Bitcoin warning in a press conference back in the year 2017 when the coin recorded its all-time high value, the current Treasury Secretary nominee said that the top-ranked digital currency is not a stable store of value saying that it is just a speculative asset. She said:

[Bitcoin] is not a stable store of value and it doesn’t constitute legal tender.  It is a highly speculative asset.

When she made these remarks regarding Bitcoin, the leading digital currency was standing at the peak level of its bull run. It straightly went up from $1,000 to trade at around $19,800 in the year 2017. However, after that, its price value faced a massive price drop in the year 2018 and dipped down to the $3,000 level.

Now, Yellen has been nominated for the United States Treasury Secretary by Joe Biden at a time when the largest cryptocurrency is once again standing at the peak level of its bull run.

Bitcoin hits its all-time high value

Meanwhile, the flagship digital currency has finally recorded its all-time high value. According to data from CoinMarketCap and Trading View, the major digital currency surged high to the $19,892 level a few hours ago which is a new all-time high value for the leading digital coin.

However, it has corrected below suddenly after registering this milestone. At the press time, Bitcoin is trading at around $19,300 with a change rate of approximately 4 percent in the last 24 hours.

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Jacob Brown

Jacob a finance graduate, working as a full-time crypto writer. Jacob is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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