Janet Yellen, who seems to have somewhat forgotten the criticism of Bitcoin, spoke about Satoshi Nakamoto's creation at American University in Washington, marking the turning point for mass adoption of Bitcoin, according to Michael Saylor.
In the speech «Observations on digital assets» Given at American University in Washington, DC, U.S. Treasury Secretary Janet Yellen spoke about Bitcoin (BTC) and its creator, Satoshi Nakamoto.
The Bitcoin protocol, which was created by a person or group of people using the pseudonym Satoshi Nakamoto, showcases a novel method for validating transactions using advanced cryptography techniques to prevent double spending, Yellen said during her speech.
Her words were recently described by Michael Saylor, president of MicroStrategy, as a fundamental milestone in the history of technology. Saylor assured that Janet Yellen "understands Bitcoin" and that this represents the turning point to boost its massive adoption worldwide.
The technological innovation that accompanies this cryptocurrency can bring benefits to consumers and the existing payment system, which is why the current Treasury Secretary focused her speech on the importance of regulating cryptocurrencies responsibly to support innovation and manage risks.
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Janet Yellen's change of attitude towards Bitcoin
Although Yellen is still somewhat skeptical of Bitcoin, in the last year she has shown a positive change towards this technological innovation, considered the largest ever seen in the last century.
Yellen's positive change of attitude towards the crypto industry has been accentuated with the arrival of the executive order signed by US President Joe Biden last month. Since then, in her latest statements related to Bitcoin and the cryptocurrencies, , the current Treasury Secretary has had a more friendly tone when referring to these innovations.
In February 2021, Yellen had warned Americans about the risks of investing in Bitcoin, recalling that the cryptocurrency can be used to finance illicit activities. However, these statements were refuted by the acclaimed author of the book “Rich Dad Poor Dad”, Robert Kiyosaki, who noted that the US dollar is the primary medium that malicious actors use to hide their crimes, not cryptocurrencies.
Indeed, recent concerns from regulators about Russia using cryptocurrencies to evade sanctions were put to rest when Yellen acknowledged before the House Financial Services Committee that there was insufficient evidence to support this.
Last month, the Treasury Secretary also said that cryptocurrencies can bring benefits to their consumers and users. She also indicated that the underlying technologies, such as blockchain, can help optimize the existing payment system.
Continue reading: What do Janet Yellen's comments mean for cryptocurrencies?
