Fed chair calls bitcoin ‘highly speculative’

Bitcoin’s furious convene has enchanted investors in new weeks. But a chair of a Federal Reserve isn’t shopping into a hype.

Janet Yellen on Wednesday called a cryptocurrency a “highly suppositional asset.”

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“It is not a fast source of value, and it doesn’t consecrate authorised tender,” she told reporters during her last press conference as personality of a executive bank.

Unstable competence be an understatement. Bitcoin started a year subsequent $1,000, strike $8,000 for a initial time in early November, and afterwards surfaced $17,000 on some exchanges final week. The currency’s value has fluctuated by thousands of dollars in reduction than a day.

One bitcoin was value about $16,200 on Wednesday, according to CoinDesk, that values bitcoin formed on information from 4 exchanges.

Related: Looking to sell bitcoin? It’s complicated

Yellen pronounced she thinks it’s critical for a Fed to know what she called “emerging risks to financial stability.” But she called a risks posted by bitcoin “limited,” and she pronounced it plays usually a “small role” in a nation’s remuneration system.

“Undoubtedly there are people who could mislay a lot of income if bitcoin were to tumble in price,” she said, “but we unequivocally don’t see that as formulating a full-blown financial fortitude risk.”

Related: Federal Reserve, buoyed by stronger economy, rises rates again

Bitcoin debuted on a Chicago Board Options Exchange final Sunday, and futures will start trade on a Chicago Mercantile Exchange on Dec 17-18. That means investors can place gamble on either it will arise or tumble in entrance months.

The Nasdaq will entrance a choice subsequent year.

–CNNMoney’s Daniel Shane and Jackie Wattles contributed to this story.