It’s Not the Sign But the Money Behind It

Janet Yellen’s testimony before Congress was disrupted by people holding a sign that said “Buy bitcoin.”

Yellen testifed at the House Financial Services Committee where she spoke about US economy and took questions from the committee She also commented on the Fed’s recent report given to Congress.

She said she thought it was perfectly possible to raise interest rates given that the economy was finally healthier. But as she spoke, someone held up a “buy bitcoin” sign nearbye.

In a follow-up tweet, Nick Timiraos of The Wall Street Journal said two individuals had been asked to leave “after a staffer made some instruction to them.”

The unspoken premise of the sign was that bitcoin was preferable to central banking itself which in the case of the Fed has been struggling with a quasi-depression for nearly nine years now.

This was probably why the individuals were asked to leave as well. The Fed is doing a miserable job and doesn’t want people to get the idea there are alternatives to Fed dollars, even though it’s true.

The bottom line is that Bitcoin, for all its flaws, is a less controlled money than what the Fed has to offer. It has grown up without any overt Fed endorsement either and, for now, is worth a lot of Fed dollars, over $2,300 hundred of them.

Bitcoin is not going to replace the dollar at the moment but it certainly raises questions about the Fed’s management. And those questions will likely persist no matter what the Fed does about signs and the people that hold them.

blockcitynews.com