According to WuSay, Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, expressed concerns about consumer risks caused by "fraud, hype, and confusion" around Bitcoin during a LinkedIn Live event on Thursday. He further pointed out that although cryptocurrencies have been around for more than a decade, there is "still no legitimate application scenario" in developed democracies.
Kashkari likened Bitcoin to Beanie Babies, saying they have "no real use in the economy other than being a cuddly toy that some people like to own and trade." He also added that the only use case he sees for Bitcoin is traders "trying to subvert banking regulations to circumvent illegal activities." Kashkari is a long-time Bitcoin skeptic.
