Janet Yellen was preaching last year about how BTC is "extremely inefficient" and is used "often for illicit finance". And now that banks are buying crypto she goes "there are benefits from crypto and we recognize that the innovation in the payment system

Janet Yellen the US Treasury Secretary started bashing on crypto from all the way back in 2018 when she said

"I will just say outright I am not a fan, and let me tell you why...very few transactions are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions"

Fast forward to 2021 and she is all about the inefficiencies of cryptos and how they are used for illicit transactions. The whole criminals and terrorists use crypto narrative.

"To the extent it is used, I fear it's often for illicit finance"

And now that all the big banks have started buying up crypto all of a sudden according to dear Janet

"Crypto has obviously grown by leaps and bounds and it’s now playing a significant role"

"There are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing"

What a surprise that the government employee's tone on crypto changes once the people with the money are starting to use it to make more money!