In their “Wall Street on Parade” column today, Pam Martens and Russ Martens took note of a particularly significant question asked of Treasury Secretary Janet Yellen at a hearing of the Senate Banking Committee yesterday. Sen. Catherine Cortez Masto (D-NV) asked:
“Last week Fabio Panetta, one of the European Central Bank’s six Executive Board Members, noted that the crypto currency market is now larger than the subprime mortgage market which triggered the global financial crisis.… He says this $1.3 trillion [crypto] market shows strikingly similar dynamics.… Do you see any financial risk because professional investors and high net worth individuals hold almost two-thirds of the Bitcoin supply?”
Yellen dodged the issue.
