Treasury Secretary Janet Yellen's latest statement seems to indicate that the individual is not confident in the potential of cryptocurrencies.
Clearly, bitcoin carries a high risk to its investors and the general public. In fact, the figure also raises questions related to the validity and stability of the cryptocurrency.
"I am not sure that Bitcoin will be widely used as a transaction mechanism. It is a less efficient way of conducting transactions and the amount of energy used to process the transaction is very absurd. ”
Yellen's allegations are reinforced by several other supports:
Bitcoin mining demands its users solve complex mathematical equations, involving the installation of high-powered computers.
The use of electricity for the process involved also produces the same high carbon content as that produced by New Zealand.
Cryptocurrencies, especially Bitcoin, are also synonymous with criminal activity because their use is difficult to trace.
Not to mention its very volatile nature. The proof is, during the existence of Bitcoin how many times has the currency been at its peak and bottom.
Clearly here Yellen is very concerned about the risk of using cryptocurrencies and hopes the public is aware of it. This is different from his initial opinion, saying that crypto can benefit the United States (US).
To date, several government agencies are still considering introducing digital currency which is seen as a hope to open a global payment system to those who do not have access.
Based on research and research on the potential of digital currencies including payment systems, Yellen said the launch is likely to take place in the next few years.
