Fed's Kashkari Reiterates His View That Bitcoin Has Little Practical Use, Not An Investment Vehicle Or A Currency
Portfolio Pulse from Benzinga Newsdesk
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, reiterated his view that Bitcoin has little practical use and is neither an investment vehicle nor a currency. This statement was made during a fireside chat at the Williston Basin Conference.
May 15, 2024 | 4:37 pm
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NEGATIVE IMPACT
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated that Bitcoin has little practical use and is not an investment vehicle or currency. This negative stance from a high-ranking Fed official could impact Bitcoin's market perception.
Kashkari's negative comments on Bitcoin could influence investor sentiment and lead to a short-term decline in Bitcoin's price as market participants react to the skepticism from a prominent Fed official.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Neel Kashkari's comments on Bitcoin are unlikely to have a significant direct impact on the SPY ETF, which tracks the S&P 500 index. However, any broader market reactions to regulatory stances on cryptocurrencies could have indirect effects.
While Kashkari's comments are directly about Bitcoin, the SPY ETF, which tracks the S&P 500, is unlikely to be directly affected. However, broader market reactions to regulatory stances on cryptocurrencies could have some indirect effects.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20