CCFCN: I Respectfully Disagree with US Treasury Secretary Janet Yellen Regarding Bitcoin

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2 years ago (Last updated: 1 year ago)

To be clear:  I am not offering financial advice. I am not financial professional or expert and especially not an expert on the future of cryptocurrency. Bitcoin was introduced to the world in 2009. I started following cryptocurrency, i.e. the world of virtual currency, digital currency, altcoins, etc., in 2017. This is just an observation and an opinion. I am sharing this post as an “historical marker” on the off chance my prediction turns out to be correct. 

Janet Yellen is the first female US Treasury Secretary;  she is highly respected and she offered this assertion regards bitcoin.

"Yellen previously asserted that the rise of the crypto industry had increased the risks of vulnerabilities as criminals tend to employ them for illicit actions." Quote Source: US Secretary of Treasure Yellen Says Bitcoin is Inefficient for Transactions

Uh huh.  

**REFERENCE POINT: ~ History of Currency: Do you know what the “florin” was?

(Source: Wikipedia)

At one point, the Medici family managed most of the great fortunes in the European world, from members of royalty to merchants. There was even a time when the currency issued by the Medicis, the florin, was accepted and used throughout Europe as the preferred currency to conduct business, commerce and trade.

With respect to the honorable lady. Show me a criminal, show me a legit monetary system AND I'll show a criminal trying to exploit that system for their illicit actions to "launder transactions" and make their criminal activity look legit! THEY'RE CRIMINALS! IT'S WHAT THEY DO!!  

I need a better excuse than that to NOT have hope that BTC (Bitcoin), BCH Bitcoin Cash) (or altcoins or cryptocurrency in general) have a future as a legitimate currency! The Medici Family didn't let anybody talk them down! When people stopped using the florin, it had nothing to do with criminal activity. It was just replaced by 2 new coins. (Source)

Perhaps cryptocurrency is just a replacement for fiat currency and gold. For sure, it's already an alternative for it.

Thoughts? Opinions?

Additional Reading:

Cryptocurrency Is an Ideal Alternative to Fiat Currency as A Refined Money - Kenyan Wallstreet

Bitcoin vs. Gold: 10 experts told us which asset they'd rather hold for the next 10 years, and why | Currency News | Financial and Business News | Markets Insider

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2 years ago (Last updated: 1 year ago)