The Austin Report has thought so for some time now, but when a man of the stature of Neel Kashkari says so, it’s pretty much a fact. Mr. Kashkari is the President of the Federal Reserve Bank of Minneapolis. His exact words were:
Crypto is ‘95% fraud, hype, noise and confusion,’ says Fed’s Neel Kashkari
He had some other harsh words for the nascent crypto asset market. Kashkari said he doesn’t see any use case for bitcoin the world’s No. 1 crypto.
He went on to reference the broader crypto digital-asset sector as one that is largely tied to fraud and hype. He was speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.
In recent years, even institutional investors felt they needed to invest in Crypto despite it being widely believed to be a speculative and highly risky trade compared with traditional markets.
Too Much Crypto Hype for Me
But then, a good story with lots of marketing hype and media support has often suckered in many an unsuspecting investor. The problem is not that most cryptocurrency products could lose 50% of its value, but that most of them are highly likely to disappear completely leaving investors with nothing, nada, not a penny.
If you still believe in crypto, then please don’t bet your life savings on it… think of it as “casino money” you’re willing to gamble away and lose.