According to the Minneapolis Federal Reserve’s President and Chief Executive Officer, Neel Kashkari, cryptocurrency has no real value and may be a little too much hype. According to the exec, Bitcoin has no proper use case.
The Federal Reserve President revealed this at the recent Pacific Northwest Economic Region (PNWER) annual summit. Kashkari opined that he wasn’t optimistic about Bitcoin, and is a lot less interested now than he was about six years ago. The exec described Bitcoin as “95% fraud, hype, noise, and confusion.”
According to many members of the pro-crypto community, Bitcoin and the rest of the crypto industry hedge against the current traditional and fiat monetary systems that feature a lot of control and corruption. However, the Federal Reserve President believes that crypto is not as valuable as the U.S. dollar because of the government’s monopoly on production. He said:
“If you go into your basement and you want to produce your own currency, the Secret Service will come knocking on your door. There’s no barrier to you creating your own Bitcoin [and] there are thousands of garbage coins that are being created.”
Kashkari also tackled proponents who say that Bitcoin solves problems with the traditional system. According to him, there is no use case that Bitcoin solves apart from funding illegal activities like prostitution and drugs.
Image Credits: Pixabay
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