Minneapolis Fed President Neel Kashkari calls DOGE a ponzi

The central banker previously called cryptocurrencies as a”giant garbage dumpster”
Federal Reserve Bank of Minneaopolis President Neel Kashkari chose a jab at Dogecoin (DOGE) last week by referring to the meme coin as a ponzi, upping his rhetoric against cryptocurrencies.¬† Kashkari’s remarks were in response to some LinkedIn survey by Paul Grewal, also the chief legal officer and corporate secretary at Coinbase, asking his connections about the correct way to announce Doge. “The ideal pronunciation is pon-zi,” Kashkari quipped. Fifty-seven percent of respondents pronounce Doge correctly. Resource: LinkedInThis is not the first time Kashkari has taken aim at cryptocurrencies. In February 2020, he explained electronic assets such as Bitcoin (BTC) lack the basic tenants of a currency and praised that the Securities and Exchange Commission for”breaking” on initial coin offerings.Kashkari is not a member of this year’s Federal Open Market Committee, the group responsible for placing United States fiscal policy. The Minneapolis branch of the Fed will serve as an alternate FOMC member in 2022 before rotating onto the board as a voting member in 2023. While Kashkari is not voting on monetary policy this year, he opposes any steps to increase interest rates before 2023. The Fed’s dot-plot overview of interest rate predictions released last week indicated that policymakers are eyeing a resumption of rate hikes by the end of 2023, that is sooner than previously anticipated. Connected: Bitcoin Price Eyeing $7,000 Following Fed Says it’s’Infinite Money’The revised prediction may have led to the sharp rise in the U.S. buck at the expense of equities, commodities and even cryptocurrencies. Digital strength values were down across the board on Sunday, extending a sharp correction in last week’s mild recovery. Assets such as DOGE burst on the mainstream before this year at a retail-driven FOMO that was aided by favorable tweets from Tesla CEO Elon Musk. The hype surrounding Dogecoin even cautioned that of Bitcoin in January as converse volumes surged 1,800 percent. However, as crypto values dropped, DOGE was hit especially hard. Since Cointelegraph reported, Dogecoin liquidations temporarily defeated Bitcoin in April.

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