Cryptocurrency is not a suitable option for retirement

U.S. Treasury Secretary Janet Yellen believes that people should not trust investing in cryptocurrencies. According to her, cryptocurrencies should not be part of any retirement strategy.

Yellen said the asset class was “too risky” for retirement. According to Yellen, the U.S. Congress should even advise society on the danger.

“For me, it’s a very risky investment,” he said.

As such, US policymaker Janet Yellen does not fit the profile of a supporter of the cryptocurrency industry. So, it’s no wonder she warned people against investing in Crypto assets.

“I don’t recommend that most people save for retirement,” he said.

In addition, the Treasury Secretary believes it would be wise for Congress to address the issue more aggressively.

“I’m not saying I recommend it, but in my opinion it would be a reasonable thing to do,” he said.

In April, Fidelity Investments announced it would allow investors to add bitcoin in retirement. So Dave Gray, the company’s executive, explained the decision:

“Fidelity believes that blockchain technology and Crypto assets will be a bigger part of the future,” he said.

In Janet Yellen’s case, the American has commented on the cryptocurrency space several times.

Bitcoin does not

However, most of the time, their opinions are mostly negative. So, two years ago, she believed that Bitcoin and altcoins could provide certain benefits to the system.

But at the same time, they can be used to finance terrorism and money laundering. Soon after, Yellen flagged BTC as a highly speculative asset with inefficient transactions.

Last summer, she called on authorities to impose emergency regulation on stablecoins. Despite their opposition to cryptocurrencies, central bank cryptocurrencies (CDBCs) are not.

So, she said in April, the product could help the dollar maintain its status as the world’s reserve currency. Additionally, Yellen believes that a CBDC would be a better payment option than Bitcoin. As a result, according to her, BTC is highly volatile, with “high fees and slow processing times.”

Source of information: Compiled from CRIPTOFACIL by 0x Information.Copyright belongs to the author Luciano Rodrigues and may not be reproduced without permission

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