Bitcoin, ‘Anything But Useful’, Says Ex-Federal Reserve Chair

Oct 30, 2018 at 21:00 Update Date :Oct 30, 2018 at 21:00 UTC

As per the reports of a news outlet Kitco, on October 29, Janet Yellen, a former US Federal Reserve chair, said that Bitcoin is a useful store of value.

Speaking at the 2018 Canada FinTech Forum in Montreal, during an interview, Yellen doubled down her paste criticism of Bitcoin.

Janet Yellen said Bitcoin is not used for transactions, it’s not a stable source of value, as well as it is also not an efficient mode of payment. Bitcoin is a very slow way of payment and because of its decentralized nature, it has faced a lot of difficulties. For something to be a useful asset, Bitcoin needs to be a stable source of value.

Satoshi Portal’s CEO on Bitcoin

Francis Pouliot, CEO at Satoshi Portal was presenting during the speech of Janet Yellen. He was the first one to say words on Twitter, describing them as, “The official non-player character guidelines to Bitcoin FUD.”

His whole tweet is asJanet Yellen just delivered a 5-minute rant against Bitcoin to Montreal financial industry VIPs. She went through all of Nouriel’s talking points. The Official NPC guidelines to Bitcoin FUD, courtesy of the FED. Full video coming tonight. Buy Bitcoin. Audit the Fed.”

Yellen, during a press conference in December 2017, called Bitcoin as a highly unpredictable asset and said that Bitcoin is not a stable source of value. Noted further, she said Fed was not considering the state-issued digital currency seriously at that time.

Economist’s View on Cryptocurrency

Yellen’s words are not very different from those made by Economist Nouriel Roubini in 2017. He portrayed the crypto industry as the father and mother of all the financial bubbles and is for sure going to burst in the future.

Francis Pouliot, in his latest tweet on 30 October, at 06:27 PM, stated that he himself is not a big fan of Bitcoin. Further telling the reason for this, he said the former Central-Banker-in-Chief begin to meticulous 5 minutes rant against Bitcoin, and robotically ejecting the scripted FUD talking points to Finance and Bank VIPs. Now they’re scared. He further gave a link to a YouTube video in his tweet.

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