The price of Bitcoin is plunging for a second day, after US Treasury Secretary, Janet Yellen, deemed the crypto asset as an “extremely inefficient” instrument to conduct transactions.
Yesterday, the price went down as much as 18% during the session at $47,400 but then recovered to $54,173, closing the day with a milder 6% loss.
Meanwhile, the price of the crypto token is retreating 14% in early cryptocurrency trading action today following Yellen’s comments during an interview with CNBC.
The former head of the US central bank emphasized that, from an environmental perspective, Bitcoin was a rather “inefficient” instrument as mining the cryptocurrency required a “staggering” amount of energy, following a report from Digiconomist that compared the carbon footprint left by Bitcoin mining as that of the entire country of New Zealand.
Moreover, the report went on to compare the carbon emissions generated by a single transaction with Bitcoin (BTC), which were the equivalent of 696,909 VISA transactions and 52,407 hours of watching YouTube.
In regards to Bitcoin’s supposed ability to store value, Yellen went on to deem the crypto asset as a “highly speculative” one while further stating that she feared “about potential losses that investors can suffer” if
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