Is Janet Yellen against Cryptocurrency?
Treasury Secretary Janet Yellen. Treasury Secretary Janet Yellen issued a warning Monday about the dangers that bitcoin poses both to investors and the public. ... "I don't think that bitcoin … is widely used as a transaction mechanism," she told CNBC's Andrew Ross Sorkin at a New York Times DealBook conference.
Furthermore, what did Janet Yellen say about Cryptocurrency?
Janet Yellen on Monday said bitcoin is an "extremely inefficient way of conducting transactions." The Treasury Secretary expressed concern that bitcoin is used "often for illicit finance."
Likewise, what crypto will explode in 2020?
Fear not, we at Trading Education put a list of the best cryptocurrencies to
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Basic Attention Token (BAT)
- Binance Coin (BNB)
- Ripple (XRP)
- Chainlink (LINK)
- Stellar (XLM)
Can the government regulate Cryptocurrency?
There are a couple of ways in which government intervention can influence the price of cryptocurrencies. First, governments can regulate the price of assets, such as fiat currencies, through buying and selling actions in international markets.
The first problem with Bitcoin is the high potential for tax evasion. The United States government collects income tax. Under Federal law it does not matter whether that income is in United States legal tender or an alternative currency. ... The problem with Bitcoin is that there is no clear mapping from coins to user.
Therefore, Bitcoin does not need to be as efficient and scalable as currency to have value, as was commented this week by Janet Yellen, US Treasury Secretary, who said that Bitcoin is “an extremely inefficient way of conducting transactions”.
Its high profile support helped pushed the price of a single Bitcoin to more than $58,000. ... President Biden's top economic adviser described Bitcoin as "an extremely inefficient way to conduct transactions," saying "the amount of energy consumed in processing those transactions is staggering".
It became the absolutely wrong time to buy crypto. ... But cryptocurrency is important and it is not going away, or be limited to 100 years as others may speculate: transactions are fast, digital, secure and worldwide, which in essence allow the maintenance of records without risk of data being pirated.
5 Crypto Coins to Buy Next Year
- Ethereum. Ethereum is based on a popular dApp processing platform, which is exactly where it derives its power from. ...
- Bitcoin. The list of the most promising cryptocurrencies would be incomplete without Bitcoin. ...
- Litecoin. ...
- Ripple. ...
Earlier we concluded that it will be nearly impossible for Ripple to reach a value of $1,000 per coin in the near future. Therefore, to achieve $10,000 is even more unlikely. The price of Ripple is estimated to reach around $1 to $2 dollars max by the end of 2021.
For Cardano to hit $100 it would need to reach a 3 Trillion dollar market cap. You'll notice that Bitcoin is close to hitting a 1 Trillion market cap and the crypto market as a whole has increase substantially over the past few years to around 1.5–1.8 Trillion.