MINNEAPOLIS, Minn.—Forget digital assets. The whole idea can now be discarded following the collapse of prominent crypto exchange platform FTX, according to the president of the Federal Reserve Bank of Minneapolis.
Neel Kashkari said there is corruption in crypto that won’t end with the downfall of FTX as the entire industry is “nonsense” and has no real-life use-cases, the Daily Hodl reported.
“This isn’t [a] case of one fraudulent company in a serious industry,” Kashkari was quoted as saying. “(The) entire notion of crypto is nonsense. Not useful for payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation and greater fools.”
The publication noted this isn’t the first time Kashkari has been outspoken against cryptocurrency, noting that in 2021 he suggested that bitcoin, along with all crypto assets, were “fraudulent in nature.”
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