Govt. Doesn’t have “Monopoly” on Producing Bitcoin & Crypto, so it’s “Giant Garbage Dumpster” – Fed President

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement Banner
Earn Free Bitcoin

Over the last 10 years of Bitcoin’s journey, the digital asset has been declared dead, rat poison and a number of other things but it is still standing strong and continues to grow unperturbed by the haters.

But haters gonna hate and this time its Minneapolis Federal Reserve President Neel Kashkari who is back with his crypto is a “giant garbage dumpster” analogy.

While sharing his views on cryptocurrencies during a Montana event, on the question of whether he would want to give his year old daughter a bitcoin or Treasury bond for her next birthday, the Fed Chief picked the latter because digital currencies are “like a giant garbage dumpster.”

That’s right, the best performing asset of the decade that recorded 9 million percent of gains, is garbage that one needs to stay away from, according to Kashkari.

In the past two years, Kashkari’s views about cryptocurrencies haven’t changed, just the adjectives that he used to describe them.

In 2018, he deemed crypto assets a “farce” saying, “The barrier to entry to creating a new cryptocurrency is zero. I’m seeing more noise and more fraud than I’m seeing anything useful.”

But it could be Useful in Coming Decades

Kashkari might not have any love lost for bitcoin like many other regulators he also isn’t completely denying its potential as he said, “Maybe five years from now or 10 years from now or 20 years from now something useful will emerge from this.”

But he had to add, “so far, all that’s emerging is burning garbage,” because make no mistake he doesn’t support them.

While Bitcoin is still gaining ground in the regulatory arena, central banks around the world are working on their own digital currencies.

And this is the reason why they aren’t feeling warm towards the private cryptocurrencies as Kashikari said himself while appreciating the stability of the almighty dollar in comparison to the highly volatile Bitcoin,

“The reason that the dollar has value is because the US government has a legal monopoly on producing the dollar,” he said.

“In the virtual-currency and cryptocurrency world, there are thousands of these garbage coins out there. Literally, people have been fleeced for tens of billions of dollars, and finally the SEC is getting involved in cracking down on this.”

Well, cash is the one that rules money laundering, terrorism financing, and other illegal transactions not bitcoin, but I digress. Also, the lack of any regulatory clarity is making its hard for projects that really want to develop and easy for the scammers to fraud others

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and... Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...