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US Treasury Secretary Janet Yellen once again revealed negative views on Bitcoin. This time, he pointed out that Bitcoin’s transaction processing method is very inefficient and will not be widely used.
On the 22nd (local time), foreign media such as Business Insider and CNBC reported that Minister Yellen expressed skepticism about the possibility of Bitcoin being used as a payment method at the New York Times Deal Block Conference.
Reportedly, “I don’t think Bitcoin is widely used as a transaction mechanism,” Yellen said. “Bitcoin is very inefficient as a transaction processing method and a lot of energy is consumed to process transactions.”
The Bitcoin network operates in a structure where participants with more powerful computing power have the opportunity to process transactions and receive bitcoins in exchange for their work. This work is called mining in the sense of mining bitcoin, and there are many criticisms that mining consumes too much energy. According to a recent report by the BBC, the total energy consumption of Bitcoin mining is higher than that of Argentina, the Netherlands and the United Arab Emirates. Appear.
In this context, Minister Yellen also expressed the opinion that Bitcoin is difficult to use widely as a payment method.
On this day, Secretary Yellen Concerns about the possibility of Bitcoin being used for illegal activities were once again revealed. “If you use bitcoin enough, you are concerned that it is illegal money,” he said. At a confirmation hearing in January, Minister Yellen also said: “I think Bitcoin is being used a lot for illegal finance” and “I will study how to prevent this.”
Minister Yellen also added a warning about the risk of investing in bitcoin. “It is important to know that Bitcoin is a highly speculative asset and can be very volatile,” he said. “I am concerned that investors may suffer losses.”
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The comments for the day came just after Bitcoin hit a high of $ 58,000. This is more than 100% growth compared to the beginning of the year.
Since then, the price of Bitcoin has plummeted 8.6% and is currently trading at around $ 53,000 (around 58 million won).
