RATE Group | Fed’s Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies | Currency News | Fi…
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Fed’s Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies | Currency News | Fi…

Fed’s Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies | Currency News | Fi…

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Neel KashkariREUTERS/Larry Downing

  • Cryptocurrencies are “like a giant garbage dumpster” and lack the basic characteristics of any stable currency, Minneapolis Federal Reserve President Neel Kashkari said at an event on Tuesday.
  • The Fed official praised the Securities and Exchange Commission for “cracking down on” the coin-offering frauds and said “people have been fleeced for tens of billions of dollars.”
  • Kashkari acknowledged cryptocurrencies could prove useful in the future but quickly added that the sector’s current status “is burning garbage.”
  • Visit the Business Insider homepage for more stories.

Minneapolis Federal Reserve President Neel Kashkari didn’t pull punches when giving his opinion on the cryptocurrency sector on Tuesday.

When asked at a Montana event whether he would want his 1-year-old daughter to be gifted a Treasury bond or a bitcoin for her next birthday, the Fed chief picked the former, saying cryptocurrencies are “like a giant garbage dumpster.” Kashkari praised the…

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