Bitcoin Critic Janet Yellen Nominated For New Treasury Secretary

The former FED chairwoman and open Bitcoin critic Janet Yellen got nominated as the new Treasury Secretary in the Biden administration as we are reading more in our latest Bitcoin news.

President-elect Joe Biden picked the former US Federal Reserve Chairwoman and open Bitcoin critic Janet Yellen as the next Treasury Secretary. The crypto community is of course, skeptical about the potential effects on Bitcoin since Yellen displayed negativism for the number one cryptocurrency. as was initially reported by the Wall Street Journal, the US President-elect Joe Biden decided to nominate the former Fed Chairman Jenet Yellen as the new Treasury Secretary.

Yellen received the support of multiple powerful political figures in the United States, and she will occupy the treasury secretary position in times of challenging economic times for the US but for the world as well, in recent history. If the Senate confirms her nomination, the 74-year old economist will lead the administration into COVID-19 recovery since the US confirmed cases are increasing while local governments are imposing restrictions that will prompt more economic hurdles.

She displayed a lot of support for government aid to workers and businesses which immediately raised suspicions that the US will continue launching massive stimulus packages. Yellen did say in a Bloomberg interview that the pandemic is seriously affecting the economy but that people have to continue getting fiscal support.

Apart from serving as a Fed Chair, Yellen led the White House Council of Economic Advisers in the Clinton Administration. She is a former academic who taught at the University of California, Berkley, and was also the president of the Federal Reserve Bank in San Francisco. While she is about to face numerous challenges in helping the US economy recover from the 2020 downfall, her new position will impact the crypto industry, especially BTC. However, she didn’t display much support for the crypto space since she even claimed that BTC is “anything but useful.”

She went on to trash the number one cryptocurrency saying that it is not a stable source of value and it’s cannot be used efficiently as a means of payment. She noted that BTC is mainly used by bad actors in illicit activities.  Yellen has quite the negative stance on BTC but she was optimistic about blockchain saying that it is a very important technology that could have many implications for the way in which transactions are handled.