Crypto is ‘95% fraud, hype, noise and confusion,’ says Fed’s Neel Kashkari

Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.

The central banker said he doesn’t see any use case for bitcoin BTCUSD, -0.45%, the world’s No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.

“Cryptocurrency is 95% fraud, hype, noise and confusion,” Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.

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