A New Treasury Secretary for Bitcoin (BTC): Donald Trump and his team will soon hand over to the Biden administration. Cryptocurrencies may soon have to face Janet Yellen who has been issuing “sweet words” on Bitcoin and cryptos in the past.
Janet Yellen: the cryptosphere questions
Janet Yellen may be the first woman to hold the post of Secretary of the Treasury after the departure of Steve mnuchin.
Yellen had served as president of the FED during the tenure of Barack obama. His appointment, which has yet to be confirmed by the Senate, appears to have been positively received by Wall Street.
On the side of the crypto community, the reactions are rather mixed. Yellen is well known for her generally negative statements about Bitcoin and cryptocurrencies.
In 2015, in a session with members of the House of Representatives’ financial services committee, she seemed to want to encourage responsible regulation that would not hold back innovation.
Yellen said future cryptocurrency laws can help strengthen the soundness of virtual currency infrastructure and increase public confidence.
This new regulation should be flexible enough to respond to the evolving nature of this ecosystem, without stifling innovation.
Bitcoin, this criminal currency over $ 30,000
Several years later, Yellen asserted that many transactions in Bitcoin are linked to criminal activity, terrorist financing and money laundering.
She said she was not convinced by Bitcoin. However, many studies, including that of the defense and aerospace company BAE Systems, revealed that the use of cryptocurrencies for illegal activities was minimal – in relation to criminal activities in fiats.
Yellen had also questioned the use of Bitcoin as a store of value and as a payment instrument.
The following treasury secretaries are Bitcoin’s de facto allies: they love to mumuse with the printing press. Will Janet Yellen’s appointment really have a big impact on the price of BTC or does BTC not care about the appointment? She will likely have other “tender words” towards Bitcoin, altcoins, and stablecoins, especially as the digital dollar advances. You have to defend your baby!
Litecoin, welcome in the Silver Age