Minneapolis Federal Reserve President Neel Kashkari (Neel Kashkari) on Tuesday issued a severe criticism of the emerging crypto asset market.
Kashkari said that he believes that Bitcoin, the world’s largest cryptocurrency, is of no use, and the broader digital asset industry is mainly related to fraud and hype.
Kashkari stated at the annual Pacific Northwest Economic Regional Summit: “95% of cryptocurrencies are fraud, hype, noise and chaos.”
Cryptocurrencies have won the favor of institutional investors in 2021, but compared to traditional markets, cryptocurrencies are still regarded as speculative and high-risk transactions.
Kashkari also expressed some views on the monetary policy plan. He pointed out that he still believes that the US labor market is “very weak”, and hinted that he is inclined to support the Fed in reducing its monthly purchases of US$120 billion in US Treasury bonds and mortgage-backed securities. Before the action, more robust employment reports may be needed.
Kashkari said that if the job market cooperates, it would be reasonable to start reducing bond purchases by the end of 2021.
Post time: Aug-18-2021