Bitcoin (BTC) news: Fed's Kashkari says crypto is 'utterly useless'

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, delivered a harsh critique of digital assets, stating that cryptocurrencies like Bitcoin and stablecoins have not demonstrated real-world utility after more than a decade. Speaking at the Midwest Economic Outlook Summit, he contrasted crypto's lack of practical use with the significant potential of artificial intelligence (AI) for the U.S. economy. When discussing stablecoins, Kashkari dismissed the concept as "buzzword salad," questioning what they offer that existing services like Venmo cannot already provide. He argued that even for cross-border payments, the benefits are often not for U.S. consumers, as recipients still face conversion costs when using local currency for daily purchases. Kashkari's skeptical stance contrasts sharply with the current Trump administration's position, which has actively championed Bitcoin and regulated stablecoins as strategic tools to maintain the U.S. dollar's global dominance.

(Source：CoinDesk)