Fed's Kashkari: Bitcoin still has no legitimate use cases in developed democracies

According to news on April 7, Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, criticized the “fraud and hype surrounding Bitcoin” during a LinkedIn Live event on Thursday. and confusion”. He further pointed out that cryptocurrencies have been around for more than a decade, but still have no legal application scenarios in developed democracies. Kashkari explained that he believes Bitcoin involves “consumer protection issues” because some investors don’t fully understand their crypto investments. Additionally, he warned that cryptocurrencies are “too volatile and could cause great harm to some people.” He believes: "There is a lot of fraud, hype and confusion around Bitcoin, so from a consumer perspective, I am concerned." Kashkari likened Bitcoin to Beanie Babies, saying they "have no real use in the economy other than as a Cute toys that some people enjoy owning and trading”.