Federal Reserve's Kashkari: Cryptocurrencies are "basically useless"

PANews reported on January 15th, citing Cryptopolitan, that Neal Kashkari, president of the Federal Reserve Bank of Minneapolis, expressed drastically different views on cryptocurrency and artificial intelligence during a virtual event. He stated that cryptocurrency is "basically useless" for ordinary people, arguing that it lacks practical application for the average consumer; while he held a positive view of artificial intelligence, claiming it has practical value, although most companies are currently still in the testing phase.

Kashkari expressed optimism about the U.S. economic outlook, predicting continued growth and inflation trending in the right direction, noting particularly signs of cooling housing prices. Regarding monetary policy, he refuted the view that the recent expansion of the Federal Reserve's balance sheet equates to a new round of quantitative easing, emphasizing the crucial importance of central bank independence. Regarding tariffs, he stated that their impact has not been as severe as expected, but their long-term effects remain to be seen.