Fed's Kashkari claims that crypto payments are mostly linked to illegal activity
in Wisconsin, Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, stated that crypto is used for"very few" transactions. "People are buying and selling crypto, but they are not paying for goods and services. It almost never happens, unless people are buying drugs or other illegal activities," Kashkari said. , he stated that the industry was mainly comprised of"fraud, hype, and noise" back in 2022.
Even though Bitcoin was initially supposed to act as"digital cash," its proponents later came up with the"digital gold" narrative after the flagship cryptocurrency failed to gain substantial traction with merchants. Cochran pointed to the fact that payment giant Stripe had forked out a whopping $1.1 billion in order to acquire stablecoin startup Bridge. The acquisition is the biggest cryptocurrency deal to date.
As noted by Cochran, stablecoin payments are one of the main use cases for blockchain technology since they are capable of removing manipulative middlemen and allowing for low-cost remittance while also strengthening the dominance of the US dollar. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
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