{"id":17454,"date":"2024-04-07T16:01:38","date_gmt":"2024-04-07T16:01:38","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17454"},"modified":"2024-04-07T12:11:58","modified_gmt":"2024-04-07T12:11:58","slug":"federal-reserve-on-bitcoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/federal-reserve-on-bitcoin\/","title":{"rendered":"Neel Kashkari of the Federal Reserve on Bitcoin: No Valid Use Case in a Developed Democracy"},"content":{"rendered":"<p>At a Linkedin Live event on Thursday, <a href=\"https:\/\/www.minneapolisfed.org\/people\/neel-kashkari\">Neel Kashkari<\/a>, the President and CEO of the Federal Reserve Bank of Minneapolis, discussed his thoughts on Bitcoin with Pensions &amp; Investments Editor-in-Chief Jennifer Ablan.<\/p>\n<p>The head of the Minneapolis Federal Reserve Bank clarified that some investors do not completely comprehend their crypto investments, which is why he sees bitcoin as a &#8220;consumer protection issue.&#8221; Furthermore, <strong>he issued a warning<\/strong>, saying that certain people could be put in danger due to the <a href=\"https:\/\/coinengineer.net\/blog\/bitcoin-volatility-surges-ahead-of-halving-outpacing-ether\/\"><strong>volatility of cryptocurrencies<\/strong><\/a>. Neel Kashkari said, <em>&#8220;There\u2019s a lot of fraud, hype, and confusion, so I am worried from a consumer perspective.&#8221;<\/em><\/p>\n<h2>Gladstein defends Bitcoin<\/h2>\n<p>Many people <strong>disagreed<\/strong> with Kashkari about the applications of Bitcoin. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation,<a href=\"https:\/\/twitter.com\/gladstein\/status\/1776031207912083773\"> wrote on X<\/a>: <em>\u201cAside from the staggering <strong>ignorance<\/strong> (there are dozens of legitimate use cases for Bitcoin in an advanced democracy ranging from power grid management to sending money abroad to <strong>saving for your family\u2019s future<\/strong> to micropayments to multisignature treasury management to turning waste energy into profit to reducing methane emissions to building a surveillance-resistant digital commerce experience to donating to charity, and I could literally keep going for a long time),\u201d<\/em><\/p>\n<p>Kashkari, a long-time bitcoin critic, was more positive about cryptocurrency five or six years ago. However, he has become more critical of the asset class as a result of extensive fraud, hype, noise, and confusion in the market. He has cautioned against the proliferation of &#8220;garbage coins,&#8221; labeling some as outright fraud and Ponzi schemes aimed at defrauding investors.<\/p>\n<p><em>You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>,<\/a>\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates instantly.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At a Linkedin Live event on Thursday, Neel Kashkari, the President and CEO of the Federal Reserve Bank of Minneapolis, discussed his thoughts on Bitcoin with Pensions &amp; Investments Editor-in-Chief Jennifer Ablan. The head of the Minneapolis Federal Reserve Bank clarified that some investors do not completely comprehend their crypto investments, which is why he<\/p>\n","protected":false},"author":6,"featured_media":17461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2],"tags":[1766,3642,5336],"class_list":["post-17454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-news","tag-bitcoin-btc","tag-bitcoin-and-cryptocurrency","tag-neel-kashkari"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neel Kashkari on Bitcoin: Fraud, Hype, and Confusion - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Explore the concerns raised by Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, regarding Bitcoin and consumer protection.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/federal-reserve-on-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Neel Kashkari on Bitcoin: Fraud, Hype, and Confusion - 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