US Treasury Secretary Janet Yellen called cryptocurrencies “very risky” assets to invest in and warned Americans against using them to store retirement savings.
Janet Yellen’s opinion expressed at a New York Times event in Washington, commenting on the April announcement by Fidelity management that the company’s employees can invest up to 20% of pension contributions in bitcoin.
“That kind of retirement savings is not what I would recommend to most people. In my opinion, this is an extremely risky investment,” said the head of the US Treasury.
Earlier, the US Department of Labor announced its disagreement with Fidelity’s decision to use bitcoin for retirement accounts. Officials said there were “extremely serious concerns” about such investments. However, the Republican Party supported the investment of pension savings in cryptocurrencies, and introduced amendments to the law on pension savings.
Note that Yellen herself is gradually changing her attitude towards cryptocurrencies. Previously, she spoke about the inefficiency of Bitcoin and the use of cryptocurrencies for criminal purposes. However, in March of this year, the US Treasury Secretary acknowledged the “significant benefits” of digital assets in certain situations.
Source: Bits
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