- In a recent informal discussion, Federal Reserve official Neel Kashkari shared his views on Bitcoin and the economy.
- Kashkari, the President of the Minneapolis Federal Reserve, expressed surprise at the resilience of American consumers, noting, “Americans are spending more than I expected.”
- He also reiterated his skepticism towards Bitcoin, stating, “Bitcoin has very little practical use, it’s not an investment tool or a currency.”
Neel Kashkari, President of the Minneapolis Federal Reserve, recently shared his views on Bitcoin and the economy, expressing surprise at the resilience of American consumers and skepticism towards Bitcoin.
Kashkari’s Views on the Economy
In his discussion, Kashkari touched on various aspects of the US economy. He noted that the Federal Reserve is focusing on the fundamental demand in the economy to control inflation. He expressed surprise at the resilience of American consumers, stating, “Americans are spending more than I expected.” Kashkari also drew attention to the strength of the housing market, which has exceeded expectations.
The Federal Reserve’s Current Policy Stance
The Federal Reserve’s current policy stance was also a topic of discussion. Kashkari posed the question, “The biggest question mark right now is how restrictive the policy is currently.” He suggested that maintaining the current stance for a while longer may be necessary to determine the future direction of inflation.
Kashkari on Bitcoin and Cryptocurrencies
When it came to cryptocurrencies, Kashkari reiterated his doubts about Bitcoin. He stated, “Bitcoin has very little practical use, it’s not an investment tool or a currency.” He also repeated his doubts about the value of Central Bank Digital Currencies (CBDCs).
Conclusion
In conclusion, Kashkari’s comments highlight the Federal Reserve’s focus on controlling inflation and the surprising resilience of American consumers. His skepticism towards Bitcoin and CBDCs also sheds light on the ongoing debate about the role and value of cryptocurrencies in the economy.
