Fed's Kashkari: Bitcoin still has no legitimate use case in developed democracies

Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, expressed concerns about consumer risks caused by the "fraud, hype, and confusion" surrounding Bitcoin during a LinkedIn Live event on Thursday. He further pointed out that cryptocurrencies have been around for more than a decade, but still have no legitimate use cases in developed democracies. Kashkari explained that he believes Bitcoin involves "consumer protection issues" because some investors do not fully understand their crypto investments. In addition, he warned that cryptocurrencies are "too volatile and can cause great harm to some people." He believes: "There is a lot of fraud, hype, and confusion around Bitcoin, so from a consumer perspective, I am concerned." Kashkari compared Bitcoin to Beanie Babies, saying that they "have no real use in the economy, except as a cute toy that some people like to own and trade." (Bitcoin.com)