According to the Daily News, a cryptocurrency media outlet, Wood completely refuted Yellen’s claim that “Bitcoin is an inefficient and illegal means of trading” in the latest video posted on ArcInvest YouTube.
“I’m not sure why (Yellen) said that. All I know is that Yellen doesn’t understand cryptocurrency.” “I think (Yelan) said that because of the price volatility of bitcoin. Bitcoin has risen five times since the end of the third quarter of last year. “It’s too extreme, so it makes sense to say that.”
He argued that the power Bitcoin consumes is part of the energy consumption required to mine gold and maintain traditional financial infrastructure. “Bitcoin is digital gold, which is only a fraction of it,” Wood said. “The electricity used by bitcoin can be supplemented through hydroelectric power or other renewable energy, just like the energy consumption used in traditional finance. There is” he said.
He said he disagrees with the claim that bitcoin promotes criminal activity. Wood said that the public blockchain makes it very easy for investigators to track illegal funds. “The FBI is recruiting a cryptocurrency to identify illegal activities. It is because the Bitcoin blockchain IP address is so transparent that pattern recognition and the like can be traced.”
Chain Analytics also refuted the claim that it promotes bitcoin criminal activity in a report, saying that cryptocurrency-related crime has decreased from 2.1% in 2019 to 0.34% in 2020.