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Cryptography is “95% fraud, hype, noise, and turmoil,” says Federal Reserve Board Neil Kashkari.

President Neel Kashkari of the Federal Reserve Board of Governors of Minneapolis made some tough words on the early crypto asset market on Tuesday.

Central bank said there are no examples of Bitcoin use
BTCUSD,
-0.57%
,
It is the number one cryptocurrency in the world and calls the broader digital asset sector primarily linked to fraud and hype.

“Cryptocurrencies are 95% fraud, hype, noise and turmoil,” Kashkari spoke at the Pacific Northwest Economic Region Annual Summit in Big Sky, Montana.

Bitcoin prices fell 2.4% at CoinDesk on Tuesday to $ 44,993.Meanwhile, ether
ETHUSD,
+ 1.50%

On the Ethereum blockchain, meme coin doge coins changed hands at $ 3,069, 3% off
DOGEUSD,
-2.95%

It was trading for about 30 cents, down 5.1%.

Cryptography attracted attention among institutional investors in 2021 but is still considered a speculative and highly risky transaction compared to traditional markets.

Kashkari also gave some views on monetary policy planning, noting that there is still “significant slack” in the U.S. labor market, with central bank purchases of government bonds and mortgage-backed securities 1,200 each month. Work to reduce $ 100 million.

Federal Reserve Board of Governors commented that as the economy attempts to recover from a pandemic, there is growing debate about when to withdraw Federal Reserve accommodation and eventually raise interest rates. It will be issued at.

on Tuesday, Dow Jones Industrial Average 30 species average
DJIA,
+ 0.65%

And S & P 500 Index
SPX,
+ 0.81%

Some blamed the day’s decline, at least in part because of growing concerns about the rollback of monetary easing policy, and recorded five consecutive wins.

Kashkari said it would be reasonable to start cutting bond purchases by the end of 2021 if the job market cooperates.

In July The United States has created strong 943,000 jobs, Despite recent attacks from the COVID-19 delta variant, what was seen as a sign that economic recovery was gaining some momentum.

Cryptography is “95% fraud, hype, noise, and turmoil,” says Federal Reserve Board Neil Kashkari.

Source link Cryptography is “95% fraud, hype, noise, and turmoil,” says Federal Reserve Board Neil Kashkari.

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