YELLEN: Bitcoin is a 'highly speculative asset'

Susan Walsh/AP

Federal Reserve Board Chair Janet Yellen testifies on Capitol Hill.

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.

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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.

This story is developing.

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