The entire concept of cryptocurrencies, according to the President of the Reserve Bank of Minneapolis, Neel Kashkari, is nonsensical.
Neel Kashkari has deemed it necessary to mock the industry by labeling it gibberish and an instrument of speculation and larger fools as cryptocurrency proceeds to be yanked by the rip tides of the FTX crash, the most recent in a string of dramatic meltdowns and bankruptcies. In a tweet on November 18, Kashkari mocked the sector, saying it was useless for transactions, not a buffer against inflation, had no exclusivity, and had no taxation regulation.
This is interesting but 2 narrow. This isn't case of 1 fraudulent company in a serious industry. Entire notion of crypto is nonsense. Not useful 4 payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation & greater fools. https://t.co/9yweHwwgOL
— Neel Kashkari (@neelkashkari) November 18, 2022
Additionally, the chair of the Fed shared a statement made by Katie Martin on Twitter: “The overriding goal of policymakers should be to keep crypto systemically irrelevant.”
More accurately, the Chair formulated his opinion as follows: “I’ve not seen any use case other than funding illicit activities like drugs and prostitution.”
It would appear that the Chair of the Minneapolis Fed has made up his mind regarding the crypto industry. Whether that changes or not remains to be seen in the future.