Biden chooses Bitcoin bear for US Treasury.

  • November 25, 2020
  • Jennifer Moore
Biden chooses Bitcoin bear for US Treasury.

As the President of the United States Joe Biden proceeds to round out his list of appointees, he has tapped the Obama-Era chair when it comes to the Federal Reserve for leading his administration’s economic policy. As per studies, the team of Joe Biden plans to nominate Janet Yellen to serve as a treasury secretary. Originally, Barack Obama appointed Janet Yellen as the Fed chair in 2014, where she stayed until early 2018.

Bitcoin is Anything But Useful Says Janet Yellen

With the massive expansion of public knowledge of Crypto that ended right after Bitcoin’s dramatic 2017 Bull Run, Janet Yellen was consistently important to the Crypto space. She called Bitcoin “anything but useful” in October 2018. However, now, times have changed dramatically in the last two years.

By the end of 2017, Janet Yellen dismissed the Federal Reserve’s notion that it was looking forward to issuing a digital dollar. In the meantime, during the year 2020, the Federal Reserve started taking the prospect seriously. When it comes to Janet Yellen’s part, she seems to have been quiet on cryptocurrency after leaving the Federal Reserve and proceeding to work for a think tank. Now, her position, according to where she stands, remains to be determined. If the Senate approved her, Janet Yellen would be the first woman to work as a treasury secretary.

When it comes to public image, Janet Yellen is widely witnessed as a moderate candidate. As per recent public statements, Janet Yellen would be much more willing to expand spending than the current secretary Steven Nnuchin. Steven Mnuchin recently drew criticism regarding the end of numerous emergency lending campaigns.

Looking Forward

Recently, the treasury has notably engaged with cryptocurrency over the last few years. Several bureaus including the IRS, financial crimes and enforcement network, and the office of the currency’s comptroller. Altogether routinely leads to headlines for the enhanced attention they are looking forward to paying to this area.

Also Read: Bitcoin Trade and Price Predictions Post US Presidential Elections

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