Connect with us

Nation

Yellen sounds warning about ‘extremely inefficient’ bitcoin

Published

on

 

Treasury Secretary Janet Yellen issued a warning Monday about the dangers that bitcoin poses both to investors and the public.

 

Despite a sharp slide in price to start the week, the cryptocurrency continues to trade above $53,000; as it has received boosts from various sources.

 

Elon Musk’s Tesla recently made a substantial purchase and has said it will accept bitcoin for transactions.

However, Yellen said there remain important questions about legitimacy and stability.

 

“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.

 

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions; and the amount of energy that’s consumed in processing those transactions is staggering.”

 

Mining bitcoin requires users to solve complex mathematical equations using high-powered computer setups.

 

The electric consumption used in the process leaves an annual carbon footprint equal to the nation of New Zealand; according to Digiconomist.

 

Latest Update4 mins ago

”Let This Be The Year We Normalise”- Adesua Etomi Pleads To Nigerians

Latest Update9 mins ago

Man Tries To Kiss Bobrisky But Fails In Multiple Times (Video)

Metro24 mins ago

Former Olympics coach dies by suicide after being charged with human trafficking, s_xual assault

Latest Update39 mins ago

Stop Deceiving Yourself – Theresa Tells Toke Makinwa For Claiming Women Go Under Surgery For Themselves

Latest Update44 mins ago

Facebook bans Myanmar military from its platforms with immediate effect

Latest Update1 hour ago

Don Jazzy Reveals What His Future Wife Must Do To Get A Great Night In The Bedroom If He Marries

Latest Update1 hour ago

Kindly Reach Out To Me – Ka3na Finally Drop Her Pride To Reach Out To Lady Who Tattoed Her Name

Latest Update2 hours ago

We’re All Wired Differently, Let’s Normalize Respecting People’s Choices – Adesua Etomi Burst Out

Nation2 hours ago

Oruku killings: Enugu Govt imposes 12-hour curfew

Metro2 hours ago

Man survives 14 hours in Pacific Ocean ‘clinging to sea rubbish’

Nation2 hours ago

Ikpeazu vs Smart Adeyemi: Of drunk and mentally unstable politicians – Seye Olaniyonu

Metro2 hours ago

Facebook bans Myanmar military from its platforms with immediate effect

Nation3 hours ago

Facebook signs letter of intent with three Australian media firms

Nation4 hours ago

Aikhomu: Former Naval Chief allegedly dies from COVID-19 complications

Nation5 hours ago

COVID-19: “Persons with blood “Group O” may be less vulnerable to virus”

Gossips2 days ago

Actor, RMD Allegedly Cheating On Wife With Interior Designer – Blogger Claims

Gossips2 days ago

Nigerians React To Viral Video Of Bobrisky Adding ‘Little Salt’ To Food | Video

Gossips2 days ago

How My Husband Has Been Holding Down Our Home For 14 Years – Actress Opeyemi Aiyeola Opens Up

Gossips18 hours ago

Nkechi Blessing Publicly Apologizes To The Lady She Slammed For Tattooing Her Name

Gossips18 hours ago

Actress Uche Ogbodo Slams A Troll Who Said She’s Too Old To Be Posting Sultry Photos

Gossips3 days ago

Singer, Faze Pens Touching Tribute To Late Twin Sister On Their Birthday

Gossips3 days ago

Veteran Nollywood Actor, Osuofia Pens Tribute To Late Colleague, Sam Loco Efe

Gossips3 days ago

Rosy Meurer Dishes Relationship Advice Amidst Backlash Of Snatching Husband

Gossips15 hours ago

Tattoo Saga: “Never In Your Life Mention My Name” – Bobrisky Knocks Nkechi Blessing

Gossips15 hours ago

“Let’s Show Her Love” – Bobrisky Requests For The Contact Of Lady Who Tattooed Ka3na’s Name

Gossips15 hours ago

Moment Peter Okoye’s 8-Year-Old Daughter Broke Down In Tears During Her Grandfather’s Burial

Gossips15 hours ago

WATCH: Peter Okoye’s Father-In-Law Laid To Rest Amid Tears

Gossips2 days ago

“Just Say You’re Broke And We’ll Understand” – Bobrisky Blasts Ka3na Over Tattoo Saga

Entertainment13 hours ago

Celebs Don Dey Plenty Pass Fans – Don Jazzy

Entertainment11 hours ago

Thierry Henry Quits Job As MLS Club Montreal Coach For ‘Family Reasons’

Trending