Entire Notion Of Cryptocurrency Says Federal Reserve Bank Of Minneapolis President

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The collapse of FTX has sent a wrong signal throughout the ecosystem and the spectators at large, the Fed’s president is saying that crypto and stable assets are just medium for foster corruption practices.
We know the Fed president of the reserve bank of Minneapolis has spoken about he’s stand point of him being against crypto with the fall of FTX has proven otherwise.

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He’s support phrase is that fact that anyone can just create a digital asset with no legal repercussions, he says it renders them useless.

“I was more optimistic about Bitcoin and crypto five or six years ago. So far what I’ve seen is 99%, 95% – let me be charitable – 95% fraud, hype, noise, and confusion.

You know, why is the dollar so valuable? Because the US government has a monopoly on producing dollars. If you go in your basement and you wanna start producing your own currency, the Secret Service is gonna come knock on your door and put you in handcuffs. There’s no barrier to you creating your own Bitcoin or me creating my own…

Some of them are complete fraud Ponzi schemes, where they pump it up, they dupe people into investing money, and then the founders rip them off.”

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