Crypto:
30351
Bitcoin:
$64.173
% 0.27
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.173
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Neel Kashkari of the Federal Reserve on Bitcoin: No Valid Use Case in a Developed Democracy

Bitcoin, Btc, Kashkari

At a Linkedin Live event on Thursday, Neel Kashkari, the President and CEO of the Federal Reserve Bank of Minneapolis, discussed his thoughts on Bitcoin with Pensions & Investments Editor-in-Chief Jennifer Ablan.

The head of the Minneapolis Federal Reserve Bank clarified that some investors do not completely comprehend their crypto investments, which is why he sees bitcoin as a “consumer protection issue.” Furthermore, he issued a warning, saying that certain people could be put in danger due to the volatility of cryptocurrencies. Neel Kashkari said, “There’s a lot of fraud, hype, and confusion, so I am worried from a consumer perspective.”

Gladstein defends Bitcoin

Many people disagreed with Kashkari about the applications of Bitcoin. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, wrote on X: “Aside from the staggering ignorance (there are dozens of legitimate use cases for Bitcoin in an advanced democracy ranging from power grid management to sending money abroad to saving for your family’s future to micropayments to multisignature treasury management to turning waste energy into profit to reducing methane emissions to building a surveillance-resistant digital commerce experience to donating to charity, and I could literally keep going for a long time),”

Kashkari, a long-time bitcoin critic, was more positive about cryptocurrency five or six years ago. However, he has become more critical of the asset class as a result of extensive fraud, hype, noise, and confusion in the market. He has cautioned against the proliferation of “garbage coins,” labeling some as outright fraud and Ponzi schemes aimed at defrauding investors.

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