Neel Kashkari is President of the Federal Reserve Bank of Minneapolis. Speaking at a Q&A session

Earlier comments here:

Now on cryptos, via Bloomberg:

  • "the barrier to entry to creating a new cryptocurrency is zero
  • If you can dupe enough people to buy it, you can pretend that you've launched something, and you can say, look, I'm a billionaire, because I sold you one, and I own the other 999 million of them, so that means I'm a billionaire. So, it's become a farce"
  • "I'm seeing more noise and more fraud than I'm seeing anything useful"
  • "Does that mean it's always going to be a farce? No. There will probably be a shakeout, and maybe a handful of these things will end up surviving"

So, Kashkari does not dismiss the development of cryptos, but his comments are helpful to those needing help to avoid the scammers.

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