US Federal Reserve Bank President: Bitcoin is not a credible competitor to the US dollar

posted 9 months ago
Bitcoin and other digital currencies don't represent a significant threat to the U.S. dollar, Minneapolis Fed President Neel Kashkari said.

"I don't see bitcoin as a credible competitor to the dollar in the United States of America, and the reason is the barrier of entry to you creating your own coin and me creating my own virtual currency... is zero," he said during a public appearance in Minnesota.

Kashkari acknowledged that bitcoin and other cryptocurrencies may take on a greater role globally in the future, but he said for now they remain a question mark.

"So there's all these newalt coins being created every day, and while you may say there's only so many bitcoins that are going to be mined, if it gets muddled with all these other alt coins you can still have inflation, because you don't know which ones to trust," he said. "I just think this has a long way of going before we know how this shakes out."
Tags: opinion, bitcoin