Neel Kashkari (President and Chief Executive Officer of the Minneapolis Federal Reserve) says that cryptocurrency is not worth much and might be hype. According to the executive, Bitcoin does not have a proper use case.
This was the Federal Reserve President’s statement at the Pacific Northwest Economic Region annual summit. Kashkari stated that he isn’t optimistic about Bitcoin and is much less interested in it now than six years ago. The exec described Bitcoin to be “95% fraud.
Many members of the procrypto community believe that Bitcoin and the rest are a hedge against traditional and fiat currencies. These systems have a lot of corruption and control. The Federal Reserve President, however, believes that crypto is less valuable than the U.S. Dollar because it has a monopoly on production. He stated:
The Secret Service will knock on your door if you enter your basement to create your own currency. You can create your own Bitcoin. There are also thousands of garbage coins.
Kashkari also addressed proponents of Bitcoin, who claim that it solves the problems in the traditional system. He said that Bitcoin does not solve any problems other than funding illegal activities such as prostitution.
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