https://www.cnbc.com/2021/02/22/yellen-sounds-warning-about-extremely-inefficient-bitcoin.htmlWhy thank you Joe Biden for your nomination. Bitcoin is tumbling for multiple reasons today but I don't find her comments particularly true or useful. And besides, if we're talking about energy usage, does it not take a metric ton of energy to continually print USD? Pretty sure there was more printing within the last two years than ever before in US history. Those energy bills stack up, ya know.
Short term news, don’t get too worried about it.
I think she, as a former chair of the fed, may want to worry about the fact that the Federal Reserve Financial Services were disrputed for about an hour yesterday due to some computer glitch. Pretty much meaning that wire transfers, ach transfers, and some other services wouldn’t work and the servers they were on needed a reboot.
Even if we don’t have a digital dollar in the US yet, we pretty much have one cause all money has been made digital. -
https://www.wsj.com/articles/federal-reserve-reports-several-business-lines-disrupted-by-operational-error-11614194912My main concern is that she's going to be anti-Bitcoin to the point where she can regulate the hell out of it driving the price down. Imagine if she pushed for taxing P2P crypto transactions (not that it's feasible ofc but for the sake of discussion), she could single handedly derail BTC and other cryptos. If she started to push for regulation of US based exchanges, that would also have an effect.
Her comments are not too consequential alone, but it's enough to make me be cautious of the Biden administration in regards to crypto currency.