Bitcoin is neither an investment instrument nor a currency! Fed official Neel Kashkari: Useless

The U.S. Bureau of Labor disclosed the April Consumer Price Index (CPI) yesterday evening, with an annual increase of 3.4%, in line with previous expectations; a monthly increase of 0.3%, also lower than Market expectations were 0.4% higher than the previous value. In addition, the core CPI annual growth rate fell further to 3.6%, the smallest increase since April 2021.

Slowing CPI data shows that inflation in the United States has cooled down, and investors’ expectations for the Fed to cut interest rates have increased again. Both the U.S. stock market and the cryptocurrency market have ushered in a new wave of gains, and BTC broke through earlier $66,000.

Fed official Kashkari: Bitcoin is neither an investment tool nor a currency

Just as the crypto market is reigniting its gains, Minneapolis Fed President Neel Kashkari once again reiterated His point: Bitcoin has few practical uses and is neither an investment vehicle nor a currency.

In fact, Neel Kashkari has been a Bitcoin skeptic for a long time. He once criticized 95% of cryptocurrencies in 2021 as fraud, hype, noise and confusion. In addition to promoting illegal activities, he criticized cryptocurrencies. See if there are any other uses. Three years later, Bitcoin is gradually being adopted by institutions as investment portfolios, and blockchain technology is improving day by day, but Neel Kashkari still sticks to his point of view, and he also remains skeptical about the value of central bank digital currency (CBDC).

Fed Governor Bowman: States are open to dialogue on stablecoins

On the other hand, Fed Governor Bowman was asked at the DC Blockchain Summit yesterday (15th) And, what role should states and the federal government play in dealing with stablecoins. In this regard, Bowman said that states are open to dialogue on the expansion of the stablecoin field, but for her, it is important to have a cooperative relationship: the U.S. currency brings risks that may need to be protected, such as run risks, etc. . So from a Fed perspective, we have to be able to participate and work with whatever framework is ultimately formed, whether the potential for the U.S. to advance stablecoins is one of the current bills or other bills, the Fed should have a seat at the table.

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