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One Clear Message from Yellen’s Testimony: Buy Bitcoin
The Chair of the Federal Reserve Janet Yellen, gave her testimony before the House Financial Services Committee today, and the message was loud and clear. While Yellen spoke on interest rates and reserve policies for the coming year, one tricky Bitcoin fan raised a sign saying ‘Buy Bitcoin’ in the background in clear view of the camera.
According to CNBC, the sign wasn’t a photoshopped attempt at 15 seconds of fame. In fact, while some have doubted the staying power of the year-long run-up in Bitcoin values, the sign during the interview is really a mark of the power of Bitcoin entering public awareness. While just a short time ago few had heard of the cryptocurrency, the market gains have made Bitcoin a household name and emboldened supporters to continue investing.
Even with the recent declines from the peaks, Bitcoin is still up several hundred percent on the year. Yellen’s position as the head of the Federal Reserve puts her in direct conflict with Bitcoin supporters, most of whom believe that decentralized currency provides protection from the government fiat held by centralized banks.
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