Minneapolis Fed President: I don't see Bitcoin solving any problems, just a bunch of junk coins

Minneapolis Federal Reserve President Neel Kashkari described cryptocurrencies as "thousands of garbage coins," stating, "I haven't seen any examples of bitcoin solving any problems other than funding illegal activities like drugs and prostitution."

Most Federal Reserve officials often push back against Bitcoin and cryptocurrencies.

Neel Kashkari said at the Pacific Northwest Economic Summit on the 17th that he was more optimistic about cryptocurrencies and Bitcoin 5 or 6 years ago, but so far, "what I see is... 95% fraud, hype, noise, and confusion."

He gave an example that anyone can create their own Bitcoin, "mine is called 'Neelcoin'," pointing to Larry Simkins, CEO of the Washington Companies, who was talking to him and saying, "Then Larry can create Larrycoin."

Therefore, he concluded that there are now thousands of such junk coins, "some of which are outright Ponzi schemes. They deceive people into investing, and then the founders fleece them."

Neel Kashkari said he always asks people what problem they are trying to solve, but no one can articulate what the actual problem is, so he scoffs at the idea of Bitcoin as a hedge against inflation, especially in developing countries.

"I have seen no evidence that the U.S. government or the United States is heading towards Venezuela," he said.

This article is authorized reprint from Horizon News Network