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Federal Reserve Bank President: Bitcoin Has No Legal Use Case – Crypto 95% Is Fraud, Hype, Noise, Confusion – Featured Bitcoin News

Minneapolis Federal Reserve Chairman Neil Kashkari says crypto is “95% fraud, propaganda, noise and confusion.” “I haven’t seen any use cases other than financing illegal activities like drugs and prostitution,” he said.

President of the Federal Reserve Bank of Minneapolis says crypto is ‘95% fraud, hype, noise and confusion’

Federal Reserve Bank of Minneapolis President Neil Kashkari talks about bitcoin and cryptocurrency at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Montana, on Tuesday.

In response to a question about cryptocurrency, what Miami is doing with bitcoin and its recently launched Miami Coin, Kashkari said:

I was more optimistic about crypto or bitcoin than about five or six years ago. So far, 99% of what I’ve seen is… let me be charitable, 95% fraud, propaganda, noise and confusion.

He also sees no legitimate use case for bitcoin. “I haven’t seen any use cases other than financing illegal activities like drugs and prostitution. I haven’t seen any use cases that are legitimate so far that bitcoin is solved. But if you want to launch Montana Coin, let me know. Don’t let that stop you,” the Fed official said.

Some other government officials have also expressed similar concerns. US Treasury Secretary Janet Yellen said earlier this year that “cryptocurrencies are a particular concern,” emphasizing that “many are used, at least in the sense of transactions, to primarily illicit financing.” For.”

The chairman of the Minneapolis Federal Reserve Bank continued: “If you go into your basement, and you want to start producing your own currency, the Secret Service will knock on your door and handcuff you.” He added: “There is no barrier between you making your own bitcoin or me making your own bitcoin – I will call it nilcoin.”

Commenting on the huge number of cryptocurrencies in the market, Kashkari said:

There are thousands of garbage coins that have been created. Some of them are outright frauds, Ponzi schemes, where they pump it up, they trick people into investing money and then the founders rip them off.

In February, Kashkari similarly said that bitcoin and other cryptocurrencies were “like a giant garbage dumpster”.

What do you think of the comments from the chairman of the Federal Reserve Bank of Minneapolis? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

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