crypto is comprised of “95% fraud : CEO of Minneapolis Federal Reserve

The CEO of Minneapolis Federal Reserve, Neel Kashkari, shared his point of view on the crypto industry and claimed that it can’t beat the US dollar.. 

On 17 August, In the annual summit of the Pacific NorthWest Economic Region (PNWER) held on Montana, the Chief Executive Officer and CEO of Minneapolis Federal Reserve talked about the crypto industry and especially about Bitcoin.

Neel Kashkari said that he was not expecting much from bitcoin around 5 to 6 years ago. Through this statement he tried to indicate that Bitcoin reached at that level where he can’t expect. 

Further he added that the whole crypto space is full of fraud and hypes. 

“95% fraud, hype, noise and confusion”

According to Neel, Bitcoin may solve many problems but it is also responsible for many problems like drug dealing & prostituion. So there is huge misuse of Bitcoin and other crypto assets, from the opinion of neel. 

And then he claimed that Bitcoin can never overtake the US dollar in terms of currency because there are huge problems with Bitcoin, noting the monopoly of the government to print currency.

“If you go into your basement and you want to produce your own currency, the Secret Service will come knocking on your door. There’s no barrier to you creating your owBitcoin….there are thousands of garbage coins that are being created”

So, Neel also said, there are huge numbers of useless crypto assets in the crypto market which are fraud and ponzi schemes only. Which is reality also.

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