Neel Kashkari, President of the Reserve Bank of Minneapolis, has said that the “entire notion of crypto is nonsense”.
As crypto continues to be dragged down by the undertows of the FTX collapse, just the latest in a series of spectacular meltdowns and bankruptcies, Neel Kashkari has seen fit to heap scorn on the industry by calling it nonsense, and a “tool of speculation and greater fools”.
Kashkari scoffed at the industry in a twitter post last Friday, saying that it wasn’t useful for payments, wasn’t an inflation hedge, had no scarcity, and no taxing authority.
TWEET
The Fed bank president also retweeted a post by Twitter account Katie Martin, who said:
“The overriding goal of policymakers should be to keep crypto systemically irrelevant.”
Kashkari has made it more than plain what he thinks of the crypto industry in recent history, saying:
“I’ve not seen any use case other than funding illicit activities like drugs and prostitution.”
Opinion
The Minneapolis Pres
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