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Cryptocurrencies are not a suitable variant of savings for retirement

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Janet Yellen, US Treasury Secretary, believes that people should not trust investing in cryptocurrencies. According to her, cryptocurrencies should not be part of any retirement strategy.

Why cryptocurrencies are not a suitable option for retirement

Yellen says the asset class is “too risky” and not good for retirement. According to Yellen, the US Congress should even advise society on this danger.

“For me, it’s a very risky investment,” he said.

Thus, American policymaker Janet Yellen does not fit the profile of a supporter of the cryptocurrency sector. As such, it’s no wonder she warned people not to invest in digital assets.

“It’s not something I would recommend to most people saving for retirement,” he said.

In addition, the Treasury secretary felt that it would be wise for Congress to address the issue more vehemently.

“I’m not saying that I recommend it, but that, in my opinion, would be a reasonable thing,” he said.

In April of this year Fidelity Investments announced that it will allow investors to add BTC at retirement. So Dave Gray, a top executive at the company, explained the decision:

“Fidelity believes that blockchain technology and digital assets will be a much bigger part of the future,” he said.

In the case of Janet Yellen, the American has commented on the cryptocurrency sector several times.

However, most of the time, their opinion was predominantly negative. So, two years ago, she argued that BTC and altcoins could provide certain benefits to the system.

But at the same time, they could be used for terrorist financing and money laundering activities. Shortly afterward, Yellen labeled BTC a highly speculative asset inefficient for transactions.

Last summer, she called on authorities to implement urgent regulations on stablecoins. Despite their anti-crypto stance, this is not the case with central bank digital currencies (CDBCs).

So in April, she said such a product could help the dollar remain the world’s reserve currency. Also, Yellen thinks CBDCs will be a much better payment method choice than BTC. Thus, according to her, BTC has high price volatility, “high fees and slower processing times”.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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