“It has long been thought that for something to be a useful currency, it needs to be a stable source of value, and Bitcoin is anything but. It’s not used for a lot of transactions, it’s not a stable source of value, and it’s not an efficient means of processing payments. It’s very slow in handling payments. It has difficulty because of its very decentralized nature,” she said.
Satoshi Portal CEO Francis Pouliot was present during Yellen’s speech and was one of the first to take to social media to criticize her statement, saying:
Janet Yellen just delivered a 5 minute rant against Bitcoin to Montreal financial industry VIPs. She went through all of Nouriel's talking points.
The Official NPC guidelines to Bitcoin FUD, courtesy of the FED. Full video coming tonight.
Buy Bitcoin. Audit the Fed. pic.twitter.com/QH5wkl11W6
— Francis Pouliot (@francispouliot_) October 30, 2018
Yellen made a similar speech in December last year, where she called Bitcoin a “highly speculative asset” and “not a stable source of value.”