The higher bitcoin price soars, the more sweeping the cryptohype is. Cryptocurrency is a true hot-button issue today. There are plenty of forecasts and attitudes, but still the authorities and central banks are leading think tanks. So no wonder recent Fed’s announcement regarding bitcoin attracted a lot of publicity.
According to Fed Chair Janet Yellen, bitcoin “is a highly speculative asset” that “at this time plays a very small role in the payment system.” The cryptocurrency “is not a stable store of value, and it doesn’t constitute legal tender,” Yellen said. Importantly, the Fed expressed no intention to regulate bitcoin. “The Fed doesn't really play any regulatory role with respect to bitcoin, other than assuring that banking organizations that we do supervise are attentive, that they are appropriately managing any interactions they have with participants in that market, and appropriately monitoring anti-money laundering, bank secrecy act responsibilities that they have," Yellen said. She also called for wariness when dealing with bitcoin as there is a risk of fraud. So be sure to get bitcoin until it is found to be used in terrorist financing.
