Fed Chairman Slams Bitcoin, Says Crypto is 95% Fraud, Hype, Noise and Confusion

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Federal Reserve Chairman Neel Kashkari has said that Bitcoin and almost the entire crypto market is fraudulent and has very few use cases in sight.

In an interview with the annual Pacific Northwest Economic Region (PNWER) summit, Kashkari said he actually has more faith in the crypto space emerging years ago than he does now.

I was more optimistic about Bitcoin and crypto five or six years ago. So far what I have seen is 99%, 95% let me be charitable 95% fraud, hype, noise and confusion.

You know, why is the dollar so valuable? Because the US government has a monopoly on the production of dollars. If you go into your basement and want to start making your own change, the Secret Service is going to come knocking on your door and handcuff you.

There is no obstacle for you to create your own Bitcoin or for me to create my own. I’ll call it Neel’s room. Maybe I can’t call it Bitcoin, I’ll call it Neels Bitcoin, then Larry can create Larry coin and there’s thousands of this garbage that has been created. Some of them are real scam Ponzi schemes, where they bloat, trick people into investing money, and then the founders scam them.

As for Bitcoin, Kashkari says the world’s largest crypto is largely backed by what he sees as a false narrative that the United States is on its way to economic crisis.

“I always ask people: What problem are you trying to solve? And no one can articulate what the real problem is. They say, Oh, we don’t want to be Venezuela. Yes I agree. I don’t want to be Venezuela either. I see no evidence that the US government or the United States of America is on the way to Venezuela. I don’t mean to say that it’s impossible for something useful to come out of it. It’s certainly possible, but I haven’t seen any use cases other than funding illicit activities like drugs and prostitution. I haven’t seen any legitimate use cases so far that Bitcoin solves.

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