Fed’s Kashkari Calls Whole Notion of Crypto ‘Nonsense’
- Minneapolis Fed chief tweets that it’s a ‘tool of speculation’
- Other Fed officials have called for regulation of sector
Neel Kashkari
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Federal Reserve Bank of Minneapolis President Neel Kashkari said Friday that the whole idea of cryptocurrency is “nonsense” after the implosion of FTX revealed the industry’s shortcomings.
“This isn’t case of 1 fraudulent company in a serious industry,” Kashkari said on Twitter, commenting on an article about how investors fell for FTX. “Entire notion of crypto is nonsense. Not useful 4 payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation & greater fools.”