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Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, said Bitcoin (BTC-USD) is more of a consumer protection issue than a risk to financial stability.
During a conversation with Pensions & Investments Editor-in-Chief Jennifer Ablan on a LinkedIn Live At the event, Kashkari said that consumers are investing money in Bitcoin (BTC USD), “not knowing what they are investing in” and that cryptocurrency “is so volatile that some people could suffer great harm.”
He said that Bitcoin's (BTC-USD) hard cap could go to zero, comparing it to Beanie Babies, which have “no real use to the economy other than being a nice toy that some people like to own and with which they trade.”
He added that the only use cases he has seen are cases where merchants “attempt to subvert banking regulations, circumvent marijuana banking or illegal activities.”
He also used Amazon (AMZN) as a comparison.
“The 'Bitcoin Brothers' would say…in 1994 no one ever bought a book online, so [someone could say] Amazon (AMZN) has no future. This is not Amazon in 1994. This is Amazon in 2004. Bitcoin has been around for more than a decade, and more than a decade later there is still no legitimate use case in an advanced democracy.”
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