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Federal Reserve Chairman Criticizes Bitcoin
Alex Dovbnja
The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, is still getting used to Bitcoin
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The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has done so once again took aim to Bitcoin arguing that the world’s largest cryptocurrency by market capitalization has “little” practical use
During his appearance on Wednesday at the 2024 Williston Basin Petroleum Conference, he said that Bitcoin is not an investment or a currency.
Of course, Kashkari has been a long-time critic of the largest cryptocurrency and the industry in general. Earlier this year, he questioned Bitcoin’s usefulness as it failed to act as a hedge against inflation.
In November 2022, he said the whole notion of cryptocurrency was “nonsense” following the implosion of the FTX exchange.
In 2021, Fed Chair declared that the industry was mostly “fraud, advertising and noise”. That same year he jokingly compared Bitcoin to Beanie Babies.
Rates are expected to remain stable
Kashkari also said Federal Reserve rates should remain stable for now.
AS reported by U.TodayBitcoin price managed to surpass the $65,000 level today for the first time since early May, after encouraging US inflation data.
The Fed is now expected to cut rates at least twice this year. However, according to Kashkari, the central bank needs more to understand where inflation is going.
Before the latest reading of the consumer price index, he had not even ruled out another rate hike.
Fed Chair Jerome Powell stressed the need for patience when dealing with inflation. Powell believes that the Fed’s current policy is sufficiently efficient.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.