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Home / Business / After Yellen called Bitcoin “extremely inefficient,” Bitcoin further fell below the critical level of $50,000

After Yellen called Bitcoin “extremely inefficient,” Bitcoin further fell below the critical level of $50,000



After Treasury Secretary Janet Yellen issued a strong warning, the price of Bitcoin and other cryptocurrencies plummeted on Tuesday.

Yellen said in an interview with The New York Times’ Trading Manual late on Monday: “This is an extremely inefficient way of doing transactions, and processing these transactions consumes amazing energy.” This is not her first. This time she criticized this cryptocurrency, saying that it is often used for illegal transactions.

However, Yellen also said that the digital currency is likely to remain, and for many Americans who do not have such access rights, the “digital dollar” can be an easier payment system.

Bitcoin BTCUSD price
-16.86%
It recently fell by 14% to $47,891, the lowest level in a week, but so far this year, it has risen by 73%. The loss is not limited to Bitcoin, but also the price of Ethereum (a currency above Ethereum ETHUSD),
-21.00%
Platform, you can enjoy a 20% discount, for XRP XRPUSD,
-24.78%,
Linked to Ripple, it fell 22%.

Since taking over the U.S. Treasury Department, the former Fed chairman has made it clear that her department will pay close attention to Bitcoin and may formulate regulations.

She was just a “temporary stopper”, saying Stephen Innes, Axi’s chief global market strategist, is in the instructions to customers. He said: “In addition to the Middle Eastern consortium’s huge interest in Bitcoin ETF trading on the Toronto Stock Exchange, this requires physical hedging, but if companies start to add physical objects to their balance sheets this year, it will be a game-changing panacea. ”

Bitcoin’s market value recently exceeded $1 trillion for the first time. This year’s major move attracted more investors and electric car manufacturer Tesla TSLA.
-8.55%,
The company revealed its $1.5 billion investment in Bitcoin earlier this month and plans to accept it as payment in the future. There is also the credit card giant MasterCard MA,
+ 2.25%
Microsoft also stated that it will allow merchants to accept some cryptocurrencies on its network later this year.

read: Analysts estimate that Tesla has made $1 billion in Bitcoin, exceeding the profit of car sales in 2020

However, Bitcoin’s opening this week was volatile and fell on Monday. Some people blamed Tesla TSLA.
-8.55%
CEO Elon Musk (Elon Musk). Last weekend, he stated on Twitter that “the prices of BTC and ETH do seem to be very high” in response to the opinion of Peter Schiff, CEO of Europac Capital Group, which is Bitcoin rather than Gold defense. “Gold is not BS. It is real money, and it is better than both!”

The back and forth between Musk and Schiff continued on Tuesday, with the latter criticizing the Bitcoin approach of the CEO of electric cars. Musk responded with an eggplant emoji, some speculated that this was his way of dismissing comments. The social media organization Facebook banned the use of the emoji on its Instagram unit because of its phallic symbolism and food.


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