According to Fed Member Christopher Waller, the vast majority of cryptocurrencies are worthless. In fact, Christopher Waller believes that most cryptocurrencies are worth zero. The Fed Member calls Bitcoin (BTC) digital gold.
Fed Member: Majority of cryptocurrencies are worthless
Fed Member Christopher Waller said on Friday that most of the 6,000 cryptocurrencies in existence at the Center for Financial Stability in New York City are worth “basically zero”. Christopher Waller adds the following to his explanations on the subject:
You can print as much as you want and if no one believes someone else will buy it, the price will be zero.
While Christopher Waller is convinced that crypto is unstoppable as anyone can issue new coins, he believes it poses no threat to the financial system as most of them have zero value.
Christopher Waller: For me, Bitcoin is basically electronic gold!
According to Christopher Waller, these cryptocurrencies that manage to get picked up and float around become like electronic gold. While the Fed member does not believe that the largest cryptocurrency has any fundamental intrinsic value He said he sees Bitcoin as a digital version of the yellow metal. Christopher Waller adds the following to his explanations on the subject:
For me, Bitcoin is basically electronic gold. An asset that people buy. They hope it will rise, they hope it will fall… It has no core intrinsic value, but that’s okay.
Christopher Waller went on to compare top cryptocurrency to baseball cards, art, and Beanie Babies. Christopher Waller adds the following to his explanations on the subject:
There are all kinds of things. All these crypto assets are really being copied at this point.
cryptocoin.com As we have previously reported, Fed Chairman Jerome Powell stated in March that Bitcoin can replace gold.
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