The President of the Federal Reserve Bank of Minneapolis states that the entire concept of digital properties can be disposed of following the collapse of popular crypto exchange platform FTX.
Fed President Neel Kashkari says there is corruption in crypto that will not end with the failure of FTX as the whole market is “rubbish” and has no real-life usage cases.
“This isn’t [a] case of one deceptive business in a major market. Whole concept of crypto is rubbish. Not beneficial for payments. No inflation hedge. No shortage. No taxing authority. Simply a tool of speculation and higher fools.”
This isn’t the very first time Kashkari has actually sounded off versus crypto. In 2015, the Fed President stated that Bitcoin (BTC), and generally all crypto properties, were deceptive in nature.
At the time, he stated the reality that anybody can produce a virtual currency without any legal consequences renders them basically worthless.
“I was more positive about Bitcoin and crypto 5 or 6 years earlier. Up until now what I have actually seen is 99%, 95%– let me be charitable– 95% scams, buzz, sound, and confusion.
You understand, why is the dollar so important? Since the United States federal government has a monopoly on producing dollars. If you enter your basement and you wan na begin producing your own currency, the Trick Service is gon na come knock on your door and put you in handcuffs. There’s no barrier to you producing your own Bitcoin or me producing my own …
A Few Of them are total scams Ponzi plans, where they pump it up, they fool individuals into investing cash, and after that the creators rip them off.”
Included Image: Shutterstock/Mirexon/Nikelser Kate