Bitcoin tumbled Tuesday from its record-breaking run after US Treasury Secretary Janet Yellen warned that the “highly speculative” unit could be used for “illicit” purposes, Yellen is a Politician talking up the Anti-Bitcoin line, this should concern you.
While absolutely nothing she said was true she maybe be laying the ground work to ban Bitcoin, as the dollar is printed into oblivion the USA might move against Bitcoin, that is why we started a brokerage beyond the direct reach of America and the possibility of them freezing or confiscating Bitcoin to protect the appearance of their failed dollar.
At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival ethereum declined 15 percent to $1,539, this is not unusual for any security to have massive gains then go through a consolidation phase.
Tesla boss Elon Musk — whose company has invested heavily in bitcoin — tweeted Saturday that the prices of both cryptocurrencies “seem high”.
Yellen waffled on Monday over bitcoin, claiming it was inefficient and required a vast amount of energy — and she expressed fear it was used for “illicit” reasons, her ignorance of the Cryptocurrency is greater then or equal to her ignorance of Economics.
“I don’t think that bitcoin… is widely used as a transaction mechanism. To the extent it’s used, I fear it’s often for illicit finance,” she said at an event hosted by the New York Times.
“It’s an extremely inefficient way of conducting transactions. And the amount of energy that’s consumed in processing those transactions is staggering, clearly she is delusional.
“But it is a highly speculative asset, and I think people should beware. It can be extremely volatile, and I do worry about potential losses that investors in it could suffer.” She did not mention how the US Government or the Fed still the value of your dollars by printing them.
Tuesday’s slump came after bitcoin had blazed a record-breaking trail to peak at $58,350 on Sunday.
The total value of all bitcoin had surpassed $1.0 trillion on Friday.
One week ago, bitcoin blasted past $50,000 after Musk’s electric carmaker Tesla revealed it had invested $1.5 billion in the unit.
Bitcoin also vaulted higher in recent weeks after corporate giants — including investment fund BlackRock, New York bank BNY Mellon and credit card titan MasterCard — embraced the digital unit.