Crypto Being Used for “Terrorism” and “Fraud”, says Treasury Secretary Yellen

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Furthermore, Bitcoin price blasted above a new record high of $48,350 on Thursday. The digital currency surged over 9% in one day. The price increase followed news that BNY Mellon and Mastercard are both accepting Bitcoin.

Neil Wilson, chief market analyst at trading platform Markets.com, told Business Insider: “adoption of cryptocurrencies by big institutional investors like BNY Mellon would likely bring more regulatory oversight.”

Nevertheless, Yellen’s comments generated angry reactions from Bitcoin enthusiasts and traders. Some traders argued that the U.S. government’s comments about Bitcoin are “hypocritical”. Traders said that watchdogs should watch out for big banks instead.

“I think we really need to examine ways in which we can curtail [cryptocurrencies’] use and make sure that money laundering doesn’t occur through those channels,” Yellen added.