American Central Bank president slammed Bitcoin but says it has little use case
Neel Kashkari faced huge criticism for bad comments against Bitcoin (BTC).
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, has been cautious about cryptocurrencies, expressing concerns about their volatility, potential for illicit activities, and lack of regulation. He’s advocated for strict oversight to protect consumers and the financial system.
On 16 May 2024, At the Williston Basin Petroleum Conference 2024, the Federal Reserve (Fed Res) President Neel Kashkhari said that Bitcoin (BTC) has little use case but we can’t use it in the form of currency or investment purposes.
In response, Bitcoin proponents said the Fed has little practical use. The majority of the Bitcoin & crypto supporters slammed Kashkhari for his Bitcoin hater statement.
In Nov 2022, following the downfall & bankruptcy of the FTX crypto exchange, Kashkhari said the entire notion of crypto was “nonsense” following the implosion of the FTX exchange.
Before that in 2021, the Fed Res President called Bitcoin & cryptocurrencies fraud, hype, & noise. And also he compared Bitcoin with Beanie Babies.
Bitcoin price
The current trade price of Bitcoin (BTC) is $65,694 & this trade price is 1.4% higher over the last 24 hours.
In the last 24 hours, the trade price of Bitcoin surged rapidly, just after the announcement by the US on the CPI rate.
Yesterday some Bitcoin analysts claimed that Bitcoin will start to show a big pump, as a part of this bull phase, if it crosses the $65k level.
Now as we can see Bitcoin is above the $65k level & now from here it will be interesting to see how Bitcoin will follow the analysis & rally.
Read also: Binance’s former CEO CZ is still out of jail, here is why?
