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Minneapolis Federal Reserve President Neel Kashkari recently voiced skepticism towards cryptocurrencies, suggesting that digital assets have little value in developed economies.
“It’s been 15 years and we still haven’t seen any real application scenarios for cryptocurrencies,” Kashkari said, reiterating his long-standing skepticism about the sector’s practical relevance. He also said that “cryptocurrencies are useless in developed economies.”
Kashkari added that regulating cryptocurrencies is the job of Congress, and signaled that the FED will not take unilateral steps in this area.
On broader economic concerns, Kashkari noted the impact of ongoing trade disputes, noting that their resolution could reduce uncertainty and revive market optimism. However, he expressed caution about rising concerns among businesses, suggesting that some companies were exploring potential layoffs as part of scenario planning, but noted that there was currently “no sign yet of increased layoffs.”
Kashkari also pointed to the flood of policy announcements coming out of Washington as a source of frustration for both businesses and policymakers. Despite those challenges, he sounded a note of relief: “We are absolutely confident that we can get through this difficult period.”
*This is not investment advice.
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