Minneapolis Fed President Neel Kashkari recently with cryptocurrencies expressed concern about the associated risks. Kashkari, in his meeting with Pensions & Investments Editor-in-Chief Jennifer Ablan at the Linkedin Live event, Bitcoin and expressed concern about consumer protection in the context of other cryptocurrencies.
Kashkari sees Bitcoin as a “consumer protection issue” and notes that some investors may not fully understand crypto investments. Kashkari warned that the volatility of cryptocurrencies could potentially harm many people. “There’s a lot of fraud, deception and confusion, so I’m concerned from the consumer standpoint,” Kashkari said.
He likened Bitcoin to Beanie Babies, arguing that it has “no real use in the economy other than being a nice toy that some people like to own and trade.” He added that the only use cases he sees for Bitcoin are when traders “are trying to circumvent banking regulations, hide drug banking or illegal activity.”
Kashkari also made a comparison between Bitcoin and Amazon. Kashkari argued that unlike Amazon in 1994, Bitcoin has been around for more than a decade and still has no legitimate use in an advanced democracy. This statement sparked a debate and many people disagreed with Kashkari’s views on Bitcoin’s uses.
Kashkari, who has long been a Bitcoin skeptic, was more optimistic about cryptocurrencies five or six years ago.
*This is not investment advice.
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