Fed Res Governor says crypto has zero value
The Federal Reserve governor shared his stance on crypto again and described crypto as a worthless asset, however appreciated Bitcoin.
In the recent week, Christopher Waller- Federal Reserve Governor- showed his active nature in crypto. On Friday, speaking at the Center for Financial Stability, Waller said that all crypto have zero value.
“You can issue it all you want, and if nobody ever believes anybody else will take it, it will have a price of zero”
However, Waller said that Crypto is not stoppable because anyone can issue his crypto asset. But these crypto-assets are not a threat to the crypto industry because these crypto-assets have no value.
Besides all this thinking over crypto, Waller also believes that there are some crypto assets, which get up and stick with the value and become electric gold.
Even with all criticism, Waller appreciated Bitcoin as digital gold. However, he doesn’t believe in the largest crypto asset because he believes that it doesn’t have any intrinsic value.
“Bitcoin to me is electronic gold. It’s an asset people buy. They hope it goes up, they hope it goes down…It doesn’t have any fundamental intrinsic value, but that’s okay”
Further, Waller described these flagship assets as the baseball cards, art, and Beanie Babies and said
“There are all kinds of things. That’s all these crypto-assets are replicating to me at this point”
Stabelcoins are better innovation
On 17 November, Waller appreciated the concept of stabelcoins and said that they have better use cases for example transfer funds from one exchange to other easily. This is the best example of why the US needed to develop the Digital Dollar.
Further, Waller said that these stablecoins needed to live,e and to eliminate the monopoly, there is a need for CBDCs adoption.