The post Federal Reserve official Neel Kashkari says Bitcoin remains worthless after 12 years appeared on BitcoinEthereumNews.com.

Minneapolis Fed President Neel Tushar Kashkari weighed in on Bitcoin, explaining that the asset has remained worthless after twelve years. Kashkari also stated that the U.S. labor market has strengthened, and inflation numbers are declining. The Minneapolis Fed stated that the Fed would continue to make data-driven decisions and highlighted that pushing joblessness higher to curb inflation was not worth it. He mentioned that a reduced labor demand could translate to surging unemployment in the country.  The Fed also believes that China does not pose any economic threat to the United States and that the Chinese yuan cannot outshine the U.S. dollar to become the world’s reserve currency.  The Minneapolis Fed president terms Bitcoin as a worthless asset Economist and politician Kashkari emphasized that despite the longevity of digital assets, crypto has not been able to establish itself as a viable currency. On the other hand, he endorsed generative artificial intelligence and believes that the technology has potential after being around for two years. Despite Kashkari’s statements, Bitcoin has performed exceptionally well over the years. The asset rose 9% in 2012, 59% in 2016, and 171% in 2020. This year, Bitcoin has outperformed major asset classes so far. Bitcoin volatility has increased as the U.S. gears up for what a Jefferies investment firm report dubbed the Bitcoin elections. The asset is up 10% in the last month and has rallied 45% this year.  However, Q3 has been difficult for Bitcoin. According to CoinGecko data, Bitcoin’s price remained largely unchanged and was up only 0.8%. Other major asset classes outperformed Bitcoin. Gold led the pack with 13.8% due to fears of an economic slowdown in the United States.  The demand for U.S. Spot Bitcoin ETFs has also increased. The funds experienced cumulative inflows worth $253.54 million on October 11th and an additional…

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Filed under: News - @ October 15, 2024 7:22 am