Fed Isn't Interested In 'Highly Speculative' Cryptocurrencies

The Federal Reserve lifted its benchmark interest rate 25 basis points to a range between 1.25% and 1.50% at the conclusion of Wednesday's meeting. The Fed also signaled it sees three rate hikes in 2018. At the accompanying press conference, Fed Chair Janet Yellen was asked about bitcoin. Yellen called the cryptocurrency a "highly speculative asset." She added that the cryptocurrency "plays a very small role in the payments system" and that it's not a "stable store of legal tender.