“95% fraud, speculation, noise and confusion”: get the opinion of a Fed official who affected the price of bitcoin (BTC) today

The price of the main cryptocurrency The market hit a downward trajectory, after Neel Kashkari, chairman of the Federal Reserve of Minneapolis, spoke about this type of asset. Around 9:40 am this wednesday (18), O bitcoin (BTC) retreated 4.08%, quoted at US$ 44,886.08 (BRL 237,207.37).

Bitcoin: 95% fraud…

Kashkari has stated that he sees no use for the bitcoin and claims that the digital assets segment is one of the biggest contributors to scams and fraud. “Cryptocurrencies are 95% fraud, speculation, noise and uproar,” he said at the Pacific Northwest Economic Region Annual Summit.

In addition, the regional director of the Minneapolis Fed also commented on the withdrawal of stimulus from the US economy, the so-called tapering. He said it would be reasonable to start cutting back on asset purchases as early as the end of 2021, if employment data helps.

… But that 5%…

Despite Neel Kashkari’s speech, major institutions are still keeping an eye on bitcoin (BTC) and other cryptocurrencies, and the advance of the market in recent years is undeniable. In recent months, the super-rich have been looking to bitcoin as a way to hedge against rising US inflation, according to a study by Goldman Sachs.

We’ve already explained it here in Your money why bitcoin is immune to inflation and how it can be used to preserve your purchasing power. Be sure to also check out the video on our YouTube channel about the outlook for this semester:

The Walmart supermarket chain itself has vacancies open for a blockchain and cryptocurrency specialist, and Amazon has also already opened a similar position for the research and development sector.