Opinion: Bitcoin stands to gain from Janet Yellen’s appointment as U.S. Treasury Secretary

The former head of the U.S. Federal Reserve (Fed), Janet Yellen, is expected to take the post of Treasury Secretary in Joe Biden’s new administration. And this is good news for Bitcoin, according to a letter to investors from Morgan Creek Digital cofounder Anthony Pompliano.

[NEW POST] Janet Yellen Is About To Create The Ultimate Bitcoin Tailwind

If Janet Yellen becomes the Treasury Secretary, she is going to drive Bitcoin’s price much, much higher.

Read this to meet Bitcoin’s newest ally 🙂https://t.co/jh80RbPAgD

— Pomp 🌪 (@APompliano) November 24, 2020

The former head of the U.S. Federal Reserve (Fed), Janet Yellen, served as head from 2014 to 2018. During that time she repeatedly made negative remarks about Bitcoin, describing it as an “unstable store of value” and a “highly speculative asset.”

Janet Yellen: «I am not a fan of Bitcoin. Let me tell you why».

Former Central-Banker-in-Chief proceeds to meticulous 5-minute rant against Bitcoin, robotically spewing scripted FUD talking points to Finance/Bank VIPs.

They’re scared. Buy Bitcoin.⚡https://t.co/kEvUlwUZfc

— Frλ͎ncis 🦪🐃☀️ (bullbitcoin.com) (@francispouliot_) October 30, 2018

Yellen is a classic Keynesian economist. She holds the view that the economy can function normally only with central-bank intervention.

Given the high unemployment caused by the coronavirus pandemic, in the new role Yellen will begin to deploy all tools of monetary stimulus, according to Morgan Creek Digital cofounder Anthony Pompliano.

“Janet Yellen is likely to become Bitcoin’s biggest ally in the next four to eight years,” wrote Pompliano.

He suggested that her stance on injecting money into the economy signals coming high inflation. In that case, the leading cryptocurrency would benefit regardless of whether that occurs.

“When people think that high inflation is looming, they move their capital into assets that hedge against it,” noted Pompliano.

Back in July 2017, Janet Yellen’s testimony to the House Financial Services Committee of the U.S. Congress was interrupted by an unknown man who held a placard urging people to buy Bitcoin.

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