Bitcoin is a highly speculative asset: Janet Yellen

Fed Chair Janet Yellen weighed in on bitcoin at her final meeting as Federal Reserve chair. Responding to a question from CNBC’s Steve Liesman, Yellen said that bitcoin is “a highly speculative asset.” She added the cryptocurrency “plays a very small role in the payments system” and that it’s not a “stable store of legal tender.”

Bitcoin has been garnering attention on both Wall Street and Main Street in the latter months of 2017. The cryptocurrency has soared more than 1,500% this year.

Also read: Bitcoin: Will it be the global fei or end up like tulip crisis?

Wednesday’s meeting was the final one for Yellen, whose term ends in February. The Federal Open Market Committee meets on January 30-31, but there’s no press conference scheduled at the conclusion of that meeting.