Additionally, Yellen warned of the illegal use of BTC since the digital currency is untraceable. At present, reports say, Bitcoin is heavily used on the Dark Web for money laundering and attaining illegal services and products.
Finally, Yellen commented on the cryptocurrency’s extremely high volatility. “It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,” Yellen said
Yellen’s comments are almost the same as Bill Gates, who said that Bitcoin is one innovation that the world can live without. However, the cryptocurrency market has been growing since last year. Despite some initial fears regarding inflation in the US following the Covid-19 pandemic, the rise has remained steady and stable.