Janet Yellen Remarks on Digital Assets (U.S Treasury): Treasury Secretary Janet Yellen recently delivered these remarks on where the U.S. is going with bitcoin and cryptocurrency. This is the transcript: here's the link if you'd rather watch the video.
Investor takeaways: There are a few notable things about this speech.
First, she legitimizes bitcoin and cryptocurrencies, even pegging them with a $3 trillion market cap. This means the Treasury accepts that digital assets have value.
Second, she compares digital assets to other financial innovations, like electronic payments and ATMs. This means the Treasury sees digital assets as a technology evolution.
Third, she lays out five lessons learned from previous financial technologies. This shows the Treasury is willing to work with incorporating digital assets into the U.S. financial system.
As opposed to countries like China that have outright banned crypto, this is a very positive development for crypto in the U.S., at least during the Biden administration. Worth a read (or a watch). |