Former U.S. Federal Reserve chair Janet Yellen is "not a fan" of bitcoin.
Speaking at the Canada Fintech Forum on Monday, Yellen, who served as chairman of the Board of Governors of the Fed between 2014 and 2018, outlined a number of concerns she has with bitcoin in general and the idea of central bank-issued cryptocurrencies specifically. Yellen spoke about price volatility, investor risks and the threat of hackings in a five-minute speech, according to a video posted online by Francis Pouliot.
"I will just say outright I am not a fan, and let me tell you why," Yellen said. "I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions."