Bitcoin Looms Large Over Fed Head Yellen as She Testifies to Congress

Bitcoin sneaked into Capitol Hill but Morgan Stanley is not impressed.

Following the ‘Prime Day Massacre’ in the cryptocurrency markets, the community got a much-needed boost to morale in the form of trolling one of the most influential people behind the established financial order.

On Wednesday, the US Federal Reserve Board Chairwoman Janet Yellen testified on Capitol Hill in Washington DC, when a photobomber hijacked the live coverage of the many international news organizations present in order to promote Bitcoin.

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Yellen was talking before a House Financial Services Committee in a hearing covering monetary policy, her future at the institution (or lack of it under Trump), her opposition to politicians auditing the Fed and similar important economic matters that affect the USD. However, right behind her everyone saw a sign that read: “Buy ฿itcoin.”

A picture of the guy with the original sign, along with an address to send money to his bitcoin wallet, soon spread on social media and he received over $10,000 worth of donations within a few hours.

Pure speculation

On a more serious note from the US yesterday, Morgan Stanley analysts released a report that basically claims that bitcoin is a mere vehicle for speculators to gamble on. They cited known issues such as the backlog of transactions on the blockchain, high fees and dwindling adoption by retailers.

“The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking. The ecosystem has focused more on value speculation rather than the foot-leather-eating work of increasing acceptance — way easier to trade speculatively than convince new merchants to accept the cryptocurrency,” said James Faucette Executive Director at Morgan Stanley.

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