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US Treasury Secretary: Bitcoin is consuming electricity and is being used in illegal payments


 US Treasury Secretary: Bitcoin is consuming electricity and is being used in illegal payments

US Treasury Secretary Janet Yellen criticized Bitcoin once again.

While many analysts believe that her criticism is inaccurate.

Janet Yellen and Bitcoin:

In an interview that US Treasury Secretary "Janet Yellen" had with journalist "Andrew Ross Sorkin", she stated that she is not a big fan of Bitcoin, because Bitcoin consumes electricity a lot and it is offered to be used in illegal activities.

Secretary Yellin, in response to a question about whether the Treasury Department needs to pay more attention to Bitcoin:

I don't think Bitcoin is widely used as a transaction mechanism.

To the extent it is used up, I fear it is often for illicit financing.
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Mr. Haley Lennon, a founding partner of Anderson Keel, said last month in Forbes magazine that illicit financing related to Bitcoin was an old saw, and not much data backed it up.

According to "Chainalysis", the criminal activity related to cryptocurrency accounts for 0.34% of the volume of cryptocurrency transactions, a clear decrease from 2.1% in 2019.

Nick Carter, co-founder and chairman of Coin Metrics, also responded to Yellen's statement by saying:

She can't brazenly assume that $ 10 billion a day in transactions is invalid.

Bitcoin isn't just about buying things.

Trading transactions that are usually written off by critics can represent something.

 The US Secretary of the Treasury also noted:

“Bitcoin has a very inefficient method of conducting transactions, and the amount of energy it consumed processing these transactions is staggering

 It appears that this statement is directed indirectly to President "Biden".

As Biden had previously emphasized addressing climate change to a much greater degree than his predecessor, "Donald Trump," as Biden appointed former Secretary of State John Kerry as a special presidential envoy to oversee climate.

He told "Nick Carter", that transactions do not consume a large part of Bitcoin, but that the mining process that extracts new digital currencies is the one that consumes high computing, which in turn consumes electricity.

Although this may seem like a breakdown of the mining process, others argue that bitcoin transactions and the issuance of new bitcoins exploit the same resources and have the same costs.

"Carter" added that those who likened Bitcoin to the old payment system are in fact at great mistake, and his statement came as follows:
In the long term, it makes no sense to compare today's energy expenditure with what it will be like in the future, as 18.6 million bitcoins have already been mined.

Energy expenditures should decrease over time.
 Yellen warned that Bitcoin is a very speculative and highly volatile asset, which could be the only right thing in its statements, as Bitcoin slipped below the $ 50,000 level in a short period of time.