The crypto bashing encyclopedia now has a new soundbite addition, this time from Minneapolis Federal Reserve President Neel Kashkari calling cryptos a “giant garbage dumpster.”
I Won’t Gift My 1-Year-Old Daughter Bitcoin
Speaking at the Montana Eco 2020 event in Montana on Tuesday (February 11, 2020), Kashkari argued against the entire utility proposition of cryptos. Even as an investment asset, the Minneapolis Fed President said he wouldn’t gift his 1-year-old daughter bitcoin, opting instead for Treasury bonds.
According to Kashkari, cryptos are a giant garbage dumpster with the U.S. dollar being the beautiful bride for the savvy investor. Doubling down on the ‘dollar good, cryptos bad rhetoric,’ Kashkari quipped:
The reason that the dollar has value is because the US government has a legal monopoly on producing the dollar. In the virtual-currency and cryptocurrency world, there are thousands of these garbage coins out there. Literally, people have been fleeced for tens of billions of dollars, and finally the SEC is getting involved in cracking down on this.
Despite Kashkari waxing lyrical about Treasury bonds, Bitcoin was the best performing asset of the last decade. The top-ranked crypto ended 2019 with an 85% year-to-date (YTD) gain while bond yields struggled significantly during the same period.
With 2020 only 43 days old, Bitcoin is already up by more than 40 percent with the total crypto market capitalization regaining levels not seen for six months. While Kashkari may not think much of a bitcoin gift, former Fed chair Janet Yellen and fellow crypto-basher Janet Yellen did graciously accept a BTC gift back in 2018.
Cryptos are Mostly Noise and Fraud
Kashkari also remarked that useful crypto utility might emerge within the next 10 to 20 years. However, the Minneapolis Fed President spoke against the current state of the market saying:
The barrier to entry to creating a new cryptocurrency is zero. I’m seeing more noise and more fraud than I’m seeing anything useful.
While Kashkari may not think highly of cryptos, the emergence of projects like Facebook’s Libra has lit the proverbial fire under the Federal Reserve, with Fed Governor Lael Brainard saying the bank is currently considering the possibility of a “Fedcoin.”
Private cryptos aside, China’s digital currency dalliance is also causing some panic among central bankers in the U.S. and Europe. EU finance stakeholders from countries like France and Germany have urged the European Central Bank (ECB) to consider launching a sovereign digital currency.
Would you gift your 1-year-old daughter bitcoin or Treasury bonds? Let us know in the comments below.
Images via Star Tribune origin »
The U. S. Secret Service could receive up to $2. 4 billion in funding to monitor crypto crimes as part of the White House budget proposal for 2021. Secret Service Monitoring Crypto Money Laundering According to the budget proposal document, the Secret Service will be tasked with monitoring the use of cryptos in money laundering and terroristRead MoreRead More.
It’s no secret that Chainlink was one of the best performing cryptos throughout 2019, with LINK clocking parabolic gains that are typically only seen during firm bull markets. It is important to note that LINK’s parabolic rally in 2019 was much more than simply a fleeting upwards market cycle, as the crypto’s bullishness has been […]
The post Analyst: Chainlink shows hints of bullishness as the crypto market faces turbulence appeared first on CryptoSlate.
KeepKey is a secure Bitcoin hardware wallet that uses advanced technology to provide users with one of the most secure environments for storing their cryptos. Launched in 2015, KeepKey is a good multi-supporting crypto hardware wallet to hit the market.
Cryptocurrency exchange Poloniex has extended the withdrawal deadline of the crypto assets that it delisted in December 2019. Due to necessary wallet maintenance, the exchange announced on Twitter, the last date of Primecoin (PM) and Vertcoin (VTC) withdrawal has been extended to Feb.
Coinspeaker Deutsche Bank Claims Cryptos Won’t Replace Cash But Could Be Mainstream in 2 YearsAccording to the latest research done by the Deutsche Bank, it is possible that crypto may break into the mainstream financial world in two years as India and China encourage blockchain adoption.
The aggregated crypto markets have been caught within a firm and unwavering uptrend over the past several days and weeks, which allowed many cryptos, including XRP, to put significant distance between their current prices and...
Researchers at Deutsche Bank say cash will not become obsolete in the near future even with the growing pivot towards cryptos and other forms of digital currencies. Crypto Hasn’t Accelerated the End of the Cash Era In a January 2020 report published by Deutsche Bank researchers argued that despite the popularity of cryptos and the apparent war on cash payments by some countries, the end of the cash era isn’t near.
Leading crypto exchange company Binance, announced it has successfully launched their validator node on the Theta Network. a decentralized video streaming platform. By running an Enterprise Validator Node, Binance joins other global enterprises such as Blockchain Ventures and gumi Cryptos in securing the Theta blockchain and is participating directly in Theta block production.
The Reserve Bank of India (RBI) says citizens do not need cryptos as the country’s mainstream financial framework already has working solutions for cross-border remittances. The Indian central bank also clarified the legal situation of cryptocurrencies in the country, stating that there is no ban on virtual currencies.
The Facebook crypto project, Libra, has lost another one of its backers with Vodafone announcing its decision to quit the Libra Association. Meanwhile, central banks from major economies are forming a coalition to explore state-issued digital currencies in response to private cryptos.
The crypto space can be hard to break into for those unfamiliar with the jargon, lingo, and foundational knowledge taken for granted by the already initiated. Adding to this difficulty is the fact that there are several different cryptos which bear the name “Bitcoin.
Crypto Ratings Council which is a group being led by Coinbase and is hopeful of coming up with a framework to analyze if various cryptos can be classified as securities as per the US law, has announced the addition of new members, CoinDesk reports.
Elliptic, a crypto analytic firm is set on recommending the US Congress demand tougher anti-money laundering (AML) rules for exchanges allowing of the trading of privacy coins. The firm is set to lay down recommendations at a US Congressional hearing that will discuss how cryptos are being utilized to facilitate human trafficking, CoinDesk reports. On […]
Crypto asset markets are starting to settle following an epic pump that added $20 billion to total capitalization. Several altcoins made their largest daily gains for several months, and here are the top five.
A sharp rally in top crypto performers of the past seven days suggests that altseason has arrived and the sentiment has turned from sell on rallies to buy on dips
Bitcoin’s bulls have been able to hold the benchmark cryptocurrency above the $8,000 level for the past 24-hour, signaling that they have some significant strength at the moment. This strength has spilled over into the altcoin markets, leading many cryptos to incur notable near-term gains.
According to Coinbase’s latest report, Coinbase Earn launching the Dai Advanced Task resulted in users creating more CDPs (Collateralized Debt Positions) than ever. Coinbase Earn is a platform that allows users to earn cryptos while learning about them via educational videos and performing tasks.
Mark Zuckerberg, Facebook’s CEO, has laid out his vision 2030 which prominently features cryptos. “Decentralizing Opportunity” is one of his goal. We quote in full what he said on that.
Security researchers from Kaspersky Labs recently revealed that the North Korean hacking group, Lazarus, might be stealing cryptocurrencies via Telegram. North Korea’s interest in crypto on the rise North Korea is known for being one of the few most unpredictable and most concerning countries around the world.
Theta Network, a decentralized video streaming platform powered by blockchain technology, has announced that gumi Cryptos has joined as an enterprise validator node. gumi Cryptos is the representative member of gumi Cryptos Capital, which is the blockchain/crypto venture fund launched by gumi Inc.
On January 6, digital currency markets saw decent gains as the entire crypto market capitalization surpassed the $200 billion mark at 3:50 p. m. EST. Since then most cryptocurrencies have tested heavy resistance and a slew of assets are being held back.
Turkey’s financial regulator is ramping up efforts to develop a new framework that allows the federal government to oversee the use of cryptocurrencies throughout the nation. Turkey prepares to regulate cryptos The Capital Markets Board (CMB), Turkey’s financial regulatory and supervisory agency, is planning to develop guidelines to foster the adoption of blockchain technology.
Mining, for most crypto coins, is a resource-heavy activity. The intricacies of algorithms also make them especially fit for graphic card mining. But there are still projects which are either just starting off, or have made the explicit decision to be supportive of CPU miners.
After losing its footing the previous week, most major cryptos tumbled and were trying to recover. While most crypto assets are down over the past week, bitcoin managed to gain 5% of its value back, aThe post Bitcoin retraces early 2019 pattern.
Poloniex, one of the biggest crypto exchange has just removed anti-money laundering and know your customer AML/KYC requirements. Anyone who wants to trade hundreds of cryptos and tokens on Poloniex.
Seattle-based cryptocurrency tax analysis firm ZenLedger has raised $3. 35 million in a seed round after processing more than $1 billion crypto transactions. ZenLedger’s investors include Vestigo Venture, Castle Island Ventures, Gumi Cryptos, Unblock Ventures (Line Messenger), and Migration Capital.
Binance the world's leading crypto exchange by trading volume is known for its rapid development work on its numerous platforms, and in the past two months, it has done the same on its recently launched crypto exchange for the US customers.
Ukraine’s Ministry of Digital Transformation has signed a memorandum of cooperation (MoC) with the Belarusian crypto exchange Currency. com. Ukraine Wants to Learn from Belarusian Experience in Regulating Cryptos While Ukraine’s Ministry of Digital Transformation was only established in August of this year, it has been very active in the crypto field.
KeepKey is a secure Bitcoin hardware wallet that uses advanced technology to provide users with one of the most secure environments for storing their cryptos. Launched in 2015, KeepKey is a good multi-supporting crypto hardware wallet to hit the market.
US-based personal finance company Social Finance (SoFi) obtained the approval from the New York State Department of Financial Services (NYDFS) for its BitLicense application. New Yorkers Can Trade Cryptos via SoFi Digital Assets The NYDFS has permitted Social Finance to provide crypto trading services to its New York customers via its subsidiary SoFi Digital Assets.
Instant cryptocurrency exchange service Changelly has strengthened its position on the crypto market by adding Binance stablecoin BUSD to its list of supported currencies.
Binance USD [BUSD] is a sThe post Changelly restocked the list of exchangeable cryptos with Binance stablecoin BUSD appeared first on AMBCrypto.
The Bank of Russia, known as the central bank of the country, has recently offered its opinion on banning cryptocurrencies. According to it, a crypto ban is not out of question right now. If the legislative level of the government decided to ban cryptos, the bank would fully support the decision. At the moment, the […]
Throughout the year, hackers have been able to infiltrate multiple crypto exchanges across the world taking with them millions of dollars worth of digital assets. Despite the massive losses recorded, Bitcoin was able to shrug off the “FUD” and continue its uptrend.
Cryptocurrencies might finally go hand in hand with traditional money services. Starting from 2020, it might be legal for German banks to sell cryptocurrencies like Bitcoin and provide custody solutions, local media reports.
Authorities around the world are trying to stamp out online anonymity in various ways, sacrificing users’ privacy for alleged security. One of these ways is forcing digital asset exchanges to drop support for some cryptos, as European venue Bitbay is now the latest to do with monero.
China is taking serious action against cryptocurrencies, solidifying its stance on “blockchain not bitcoin. ” Dovey Wan, Founding Partner at Primitive Crypto shared the latest developments where CCTV1, the national flagship television network of the People's Republic of China featured a 60-minute investigative program on cryptocurrency.
The Internal Revenue Service is actively looking into potential money laundering and tax evasion issues posed by Crypto ATMs, a top official said to Bloomberg. Cryptocurrency ATMs and kiosks allow users to buy and sell cryptos with cash in many locations across the world.
Coinspeaker Marsh Secures $150 Million in Crypto Insurance for Ledger’s Vault UsersMarsh has arranged a $150 million insurance policy from Lloyd’s through Arch. This sum will be used to custody various types of cryptos for users of the Ledger Vault technology platform.
Statements by Chairman Xi Jinping were a major catalyst for renewed interest in Chinese cryptocurrencies. Cryptos such as TRON, NEO, and Ontology demonstrated strong 7-day returns following Xi’s comments, but this newfound momentum appears unsustainable.
Statements by Chairman Xi Jinping were a major catalyst for renewed interest in Chinese cryptocurrencies. Cryptos such as TRON, NEO, and Ontology demonstrated strong 7-day returns following Xi’s comments, but this newfound momentum appears unsustainable.
The developer of Nano hardware wallet, Ledger is set to attract institutional investors to start using its wallet to store cryptos and has brought in insurance broker Marsh to help with the plan. Now, Marsh has announced that it has negotiated an insurance cover worth $150 million from insurance giant Lloyd’s through its London syndicate, […]
In a blog post released by Coinbase, the firm revealed that it is now supporting five extra cryptos for use with its Visa debit card. As per the firm, its clients can now use the Visa card in 10 extra European countries.
CoinMarketCap’s new metric shows low levels of liquidity in the crypto market. A renowned analyst explains that less than 1% of all cryptos are liquid. Prominent figures in the industry agree that 99% of all cryptos will not prevail.
Crypto analyst Willy Woo said that very few coins are good investments, as data from CoinMarketCap has shown that only the top 40 out of the 4987 listed coins are liquid. Part of the crypto community remained skeptical, saying that few coins have been around long enough to be able to compete with Bitcoin, Ethereum, […]
The post Prominent analyst says only the top 40 cryptos are liquid appeared first on CryptoSlate.
Провайдер кошелька Abra расширит список поддерживаемых криптовалют до более чем 200 для международных пользователей. Резидентам США откроют доступ к торговле 60 монетами. 1/ BIG NEWS! Meet the new and improved Abra app featuring full support (deposit AND withdraw) for every crypto on Abra plus hundreds of new ones! 60+ new cryptos are live for the […]
Flashy bitcoin price speculation is a favorite game of crypto Twitter news outlets and commentators all over. After all, who doesn’t want to hear that their modest stash of satoshis could someday moon and be worth millions? Sensation aside, there remains a well-grounded case for continued rise in price where top cryptos are concerned, and […]
The post When Bitcoin Overtakes Gold – How High Can It Go? appeared first on Bitcoin News.
The Dogecoin and Shiba Inu prices are currently struggling to maintain a bullish momentum as they continue to suffer significant pullbacks. This downtrend is due to macro factors that have brought about market uncertainty and sparked a bearish sentiment among investors.
Federal Reserve Chair Jerome Powell delivered remarks yesterday suggesting that US banks can freely engage with crypto clients—provided they understand and manage the inherent risks. Powell’s comments came during the Federal Open Market Committee (FOMC) press conference, where he addressed queries about the Fed’s stance on crypto banking.
A new era is set for the industry with the appointment of crypto-friendly candidates such as Paul Atkins It remains to be seen whether the US will match similar regulatory frameworks like Europe’s MiCA The rise of Bitcoin will be shaped by institutional adoption, increased regulatory clarity, and broader macroeconomic and geopolitical trends US President-elect […]
The post Crypto industry hopes rise as Donald Trump enters the White House appeared first on CoinJournal.
Bitcoin spiked to a new all-time high above $76,600 on Thursday amid bullish sentiment around Donald Trump’s election victory. The Federal Reserve’s decision to cut interest rates by 25 basis points and indicate further tightening also buoyed markets.
Bitcoin is facing significant headwinds as the US Federal Reserve maintains a stringent approach to controlling inflation. On Tuesday, July 2, Federal Reserve Chairman Jerome Powell conveyed cautious optimism about recent inflation data but reiterated the need for sustained improvement before considering rate cuts.
As the Federal Open Market Committee (FOMC) convenes for a highly anticipated meeting today (2 pm ET), the stakes are high not just for traditional finance but also for the crypto markets, which have become increasingly sensitive to macroeconomic signals.
As the US economy grapples with rising inflation expectations and scaled-back forecasts for Federal Reserve rate cuts, the Bitcoin market remains buoyant, according to a detailed analysis by Reflexivity Research.
