US President-elect Joe Biden Appoints Bitcoin Critic As Treasury Secretary

Joe Biden

KANALCOIN NEWS – The president-elect of the United States, Joe Biden, has reportedly started drafting his government’s cabinet in recent times. Shocking news had appeared on the position of the United States Secretary of the Treasury.

Joe Biden is said to have started to complete the list of names of those who will occupy the ranks of ministers in his cabinet. One of them is the position of the United States Secretary of the Treasury. According to a Wall Street Journal report via Cointelegraph, Biden reportedly appointed Janet Yellen.

The report was submitted by the Wall Street Journal on Monday (11/23/2020) local time. Yellen herself is a former Chairman of the Federal Reserve (Fed) in the era of President Barack Obama. At that time, Yellen was trusted to lead the economic policy of the Obama administration era.

Obama appointed Yellen to chair the Federal Reserve in 2014 and only lasted until early 2018. After that, Yellen has not yet occupied a strategic position in the government in the financial sector.

The appointment of Yellen as a candidate for the Biden-era finance minister was said to be welcomed by investors. The reason is, Yellen is considered able to improve the condition of the United States economy which was quite devastated by the COVID-19 pandemic.

However, Yellen’s appointment as United States Secretary of the Treasury could be a breath of fresh air as well as a slight threat to Bitcoin. The reason is, Yellen is known as one of the critics of Bitcoin who had called Bitcoin something meaningless but useful in October 2018.

In addition, Yellen also briefly dismissed the news that the Federal Reserve would issue digital dollars at the end of 2017. In fact, the Federal Reserve is said to have begun to respond to this assumption by planning to issue digital dollars in 2020.

However, Bitcoin lovers and owners need not worry too much. Although known as one of the critics of Bitcoin, Yellen apparently also had a Bitcoin account in 2018. In addition, Yellen is also referred to as one of the moderates.

In fact, Yellen could have turned to support cryptocurrencies if it could benefit the financial condition of the United States that she leads. This was conveyed by CoinShares Chief Strategy Officer, Meltem Demirors.

“The important thing to remember about Yellen is that she’s been through storms before,” Demirors said.

“He is moderate and measured in his approach and tends not to do anything radical/new,” Demirors continued.

However, since stepping down from his position as Chair of the Federal Reserve, Yellen seems to have chosen not to comment on the development of Bitcoin in the United States. In fact, in the past year, the United States Treasury has seen more dealing with Bitcoin.

In fact, the bureaus within the Treasury, including the Financial Crimes Enforcement Network, the IRS, and the Office of the Comptroller of the Currency, are seen frequently making headlines involved with various cryptocurrency-related issues.

If Janet Yellen is really become United States Secretary of the Treasury, then Yellen would be the first woman to hold that position. Yellen will replace Donald Trump’s treasury secretary, Steven Mnuchin.


Redaksi Media
Author: Redaksi Media

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