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Former Fed Res official calls to ban Bitcoin

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Former Fed Res official calls to ban Bitcoin 2

A former employee of the Federal Reserve believes that crypto has no cash flow and should be kicked out of the banking system. 

The whole world knows very well about the use of cryptocurrencies and sudden increment or decrement in the prices but besides these things use cases of crypto assets in payment systems are making them more valuable and useful for the modern payment system. However few people believe that cryptocurrencies are only trying to make some position in the banking system even they are not needed but still there are some high-level crypto proponents like El Salvador president Nayib Bukele, who believe that cryptocurrencies (Bitcoin) can banked the world population easily without any centralized agency.

Lee Reiners, a former employee of the Federal Reserve Bank of New York and currently executive director of Duke University’s Global Financial Markets Center, is a popular critic of cryptocurrencies.

According to Lee, cryptocurrencies don’t have any intrinsic value and also have no cash flow, so cryptocurrencies should not be part of the traditional banking system.

Lee noted that the current downturn in the crypto market is a situation where we can see that cryptocurrencies have no potential or quality to save people from inflation, which means cryptocurrencies are not hedge against inflation.

Lee explained that the price of Bitcoin surged in the past few years because of the unfair monetary policies by the Federal Reserve during the Covid-19 pandemic. Further, Lee tried to explain his point of view through another reverse fact. Lee claimed that recent corrections in the price of cryptocurrencies happened because of better effective policies by the Federal Reserve.

Earlier, Lee said that cryptocurrencies believers are not seeking to get better rules and regulations on Cryptocurrencies but at the same time he admitted that current regulatory policies are much looser and these may act as catalysts for the cryptocurrencies to evolve.

Read also: Class-Action Lawsuit against Solana & Solana Labs

Former Fed Res official calls to ban Bitcoin

 

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