Janet Yellen Sounds Like She’s Scared Of Bitcoin

This week, CNBC published a headline that recently-appointed U.S. Secretary of the Treasury Janet “Yellen sounds warning about extremely inefficient bitcoin.” Ironically, two days later CNBC published another article because the Federal Reserve’s systems are down.

Moreover, there isn't really a comparison to be made with anything, which is absurd. So here I am to challenge this one-sided journalism and lack of research.” So, here I am to address this one-sided journalism and lack of research.

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It then noted that Elon Musk’s Tesla had purchased $1.5 billion worth of bitcoin before pivoting back to Yellen, reporting that she said “there remain important questions about legitimacy and stability.”

“The energy consumed in processing those transactions is staggering.” “Illicit Finance”: There is no comparison between Bitcoin and other currencies in regards to how often they are used for nefarious purposes. 

With USD, how much illegal financing occurs?

“How can you quantify that in an alternative to anonymous cash? “Extremely inefficient”: This fails to meet the criteria of comparison, and in fact proves to be the exact opposite.

Bitcoin is a bearer asset, not an imitation of a paper IOU.

The process of settling on the base layer may take ten minutes and possibly cost a little bit of money, but that is only for *final settlement. Are sovereigns responsible for the cost of doing this? Secondary layers of Bitcoin enable instantaneous global transactions in any currency and for pennies on the dollar. If compared to other payment methods, it clearly is more efficient. How could you even begin to quantify that with the anonymity of cash?

“Extremely inefficient”: Ultimately, however, Nic Carter's write-up says a Bitcoin-energy worrier need not despair. There is a solution to this. All they have to do is convince Bitcoin fans to use and value an alternative settlement medium. ?? There are secondary layers to Bitcoin which enable global transactions instantly, in any currency or money, and cost a fraction of a cent. This would be an incredible system.

The wait is on.” Next, the article discussed bitcoin’s volatility. I thought Nic Carter had the last word when he wrote that, “The Bitcoin-energy worriers need not despair, however. A wide variety of analysts have expressed concerns about the performance of the world's best-performing asset over the last decade. Globally distributed, it is a global monetary system going through the process of monetization with constant price identification. Is this what she expected? After giving Yellen a platform to bag bitcoin with no comparisons and lacking any journalistic integrity, CNBC then brought up Central Bank Digital Currencies (CBDCs). I’m waiting with bated breath.”

The article then moved on to bitcoin’s volatility. “‘I think it could prove to be better for the economy,’ Yellen said.”

?? The following post was guest-authored by Ben Jarvie. See Also Regulation FinCEN Proposes KYC For Withdrawing Cryptocurrency From Private Wallets — IMF (@IMFNews) January 14, 2021Are CBDCs really money? It is the purpose of blockchain technology to enable decentralized control.

After giving Yellen a platform to bag on bitcoin with no comparisons and without any journalistic integrity, CNBC proceeded to bring up Central Bank Digital Currencies (CBDCs). 

#poll— IMF (@IMFNews) January 17, 2021 How well do governments protect Bitcoin? The question then I would say is not whether they can stop it, but why on earth they would want to?

Why is it about faster, cheaper and “safer” payments when the printing press is killing our savings, supposedly in the name of full employment?

I’m just a guy with laser eyes and diamond hands, so make your own opinion but I think it’s ridiculous when financial regulators and the media try to criticize bitcoin, without actually comparing it to fiat, when the world’s central banks are trying to gauge if they can implement draconian, Chinese Communist Part (CCP)-like CBDCs.

They express solely their own opinions and do not necessarily reflect the opinions of Bitcoin Magazine or BTC Inc.

Are CBDCs really money, though? The article made more of her complaints about bitcoin’s value and power consumption when its systems were down. Two days later, CNBC published another article because the Federal Reserve’s systems were down. That is insane since it does not compare it to anything at all.

In her CNBC interview, Yellen said, “I think bitcoin ... is not widely used as a transaction mechanism.” 

“If no one wants a devaluation-proof, censorship-resistant, permissionless, borderless, non-discriminatory, teleporting financial asset, then no one will feed it energy, and it will die,” as Alex Gladstein wrote for Quillette.

The real question then, I’d say, is not can they stop it, but why in the world would they want to? Here’s the breakdown...I am waiting in anticipation.” Bitcoin has no comparison to any other currency in regards to its utility for nefarious purposes.

This is a guest post by Ben Jarvie. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

 2/25/2021

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