As cryptocurrency is growing mature in the market, on one hand its growing its users strength. On the other hand, it faces some negative accusations as well. On Tuesday, the US Minneapolis Federal Reserve President, Neel Kashkari threw abusive words at the entire crypto market.
Neel Pulls Down Crypto Market
The Minneapolis Fed president, Neel Kashkari very directly accused the crypto market in an economic summit. The President defamed the cryptocurrency saying that digital currencies just attract users and perform illegal activities. Besides, Kashkari shares that all the crypto services are full of scams which cheat the users.
Moreover, the Fed official damages the value of cryptocurrencies through his comments in the annual summit. He argues that USD currency remains strong and valuable in the market as it cannot be minted by anyone on their own. However, this crypto market has thousands of garbage coins which can be generated by any fraud scammers.
Additionally, Kashkari slanders the crypto industry saying,
“Cryptocurrency is 95% fraud, hype, noise and confusion.”
The particular statement from the President went on trend among the entire crypto industry. Also, the Fed officer felt that these crypto assets are dangerous as the market always fluctuates which is very risky for the investors. Besides, the central banker raised the question, “how can Bitcoin (BTC) solve meaningful issues better than existing currencies ?.” I cannot see any useful case with BTC as it just creates the hype and trend among the users, he adds.
More so, Kashkari expresses, the crypto space is gaining more investors and attracts many users to the digital world. But the crypto market still remains risky and a threat comparative to the traditional markets.
In addition, the President shares his opinion on the monetary policy plans. He feels the US labor market is not strong with enough job opportunities. Thus, the Fed is very cautious to improve the job market and the economic status of the US even in the pandemic crisis.
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