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The President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has criticized cryptocurrencies led by Bitcoin, saying that what he saw in crypto assets so far is 95% fraud, hype, noise, and confusion.
The Fed official said that he was more optimistic about crypto and Bitcoin five or six years ago, as cited by Coin Desk.
“There is no barrier to you creating your own Bitcoin, or me creating my own. I’ll call it Neelcoin,” he said jokingly, criticizing the decentralized nature of the digital currencies.
“I have not seen any use case that is legitimate so far that Bitcoin solves.”
“There are thousands of these garbage coins that have been created.”
“Some of them are complete fraud Ponzi schemes. They dupe people into investing money and then the founders rip them off.”
“I always ask people what problem are you trying to solve and no one can articulate what the actual problem is!”
Kashkari went on to say that currencies like Bitcoin do not solve any problems are mostly used in funding illicit activities like drugs and prostitution.
