Currencies34286
Market Cap$ 3.89T-1.48%
24h Spot Volume$ 75.89B-18%
DominanceBTC58.26%+0.30%ETH10.90%-1.89%
ETH Gas0.26 Gwei
Cryptorank

Fed President Neel Kashkari Says Bitcoin Still Has ‘No Legitimate Use Case’

The President of the Federal Reserve Bank of Minneapolis reportedly says that Bitcoin (BTC) has no legitimate use case and that it may be putting investors into “harm’s way.”

Neel Kashkari, the bank’s President and CEO says that BTC is more of a consumer safety risk than a financial stability risk.

In a LinkedIn Live conversation, Kashkari says that those investing in the top crypto asset by market cap are doing so without knowing what they are investing in.

He compares the crypto king to Beanie Babies – a line of stuffed animals that were once extremely popular among children – saying that BTC’s market cap could go down to zero.

“[Bitcoin has] no actual utility in the economy, other than being a nice toy that some people enjoy owning and trading.”

According to Kashkari, people are also using BTC to “subvert banking regulations, get around either marijuana banking, or [conduct] illicit activities.”

Kashakri also says that people should be wary about comparing Bitcoin’s success to retail giant Amazon.

“The ‘Bitcoin bros’ would say…in 1994 nobody ever bought a book online, so [someone could say] Amazon has no future. This is not Amazon in 1994.

This is Amazon in 2004. Bitcoin has been around for more than a decade, and more than a decade later, there’s still no legitimate use case in an advanced democracy.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
Shutterstock/Konstantin Faraktinov

The post Fed President Neel Kashkari Says Bitcoin Still Has ‘No Legitimate Use Case’ appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

Bitcoin Price Drops As White House Releases Massive Crypto Report, Federal Reserve Leaves Interest Rates Unchanged

Bitcoin Price Drops As White House Releases Massive Crypto Report, Federal Reserve Leaves Interest Rates Unchanged

Bitcoin’s price is moving to the downside as the White House releases an extensive re...
BitMEX Founder Arthur Hayes Sold Three Altcoins This Morning – Shared His Reason and BTC-ETH Price Prediction

BitMEX Founder Arthur Hayes Sold Three Altcoins This Morning – Shared His Reason and BTC-ETH Price Prediction

BitMEX founder Arthur Hayes sold three altcoins heavily, according to onchain data, a...

Fed President Neel Kashkari Says Bitcoin Still Has ‘No Legitimate Use Case’

The President of the Federal Reserve Bank of Minneapolis reportedly says that Bitcoin (BTC) has no legitimate use case and that it may be putting investors into “harm’s way.”

Neel Kashkari, the bank’s President and CEO says that BTC is more of a consumer safety risk than a financial stability risk.

In a LinkedIn Live conversation, Kashkari says that those investing in the top crypto asset by market cap are doing so without knowing what they are investing in.

He compares the crypto king to Beanie Babies – a line of stuffed animals that were once extremely popular among children – saying that BTC’s market cap could go down to zero.

“[Bitcoin has] no actual utility in the economy, other than being a nice toy that some people enjoy owning and trading.”

According to Kashkari, people are also using BTC to “subvert banking regulations, get around either marijuana banking, or [conduct] illicit activities.”

Kashakri also says that people should be wary about comparing Bitcoin’s success to retail giant Amazon.

“The ‘Bitcoin bros’ would say…in 1994 nobody ever bought a book online, so [someone could say] Amazon has no future. This is not Amazon in 1994.

This is Amazon in 2004. Bitcoin has been around for more than a decade, and more than a decade later, there’s still no legitimate use case in an advanced democracy.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
Shutterstock/Konstantin Faraktinov

The post Fed President Neel Kashkari Says Bitcoin Still Has ‘No Legitimate Use Case’ appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

Bitcoin Price Drops As White House Releases Massive Crypto Report, Federal Reserve Leaves Interest Rates Unchanged

Bitcoin Price Drops As White House Releases Massive Crypto Report, Federal Reserve Leaves Interest Rates Unchanged

Bitcoin’s price is moving to the downside as the White House releases an extensive re...
BitMEX Founder Arthur Hayes Sold Three Altcoins This Morning – Shared His Reason and BTC-ETH Price Prediction

BitMEX Founder Arthur Hayes Sold Three Altcoins This Morning – Shared His Reason and BTC-ETH Price Prediction

BitMEX founder Arthur Hayes sold three altcoins heavily, according to onchain data, a...