Federal Reserve Governor: Most cryptocurrencies are essentially zero and no threat to the financial system

Federal Reserve Chairman Christopher Waller to say Most existing cryptocurrencies are essentially zero on Friday at the Financial Stability Center in New York:

“You can spend whatever you want and if no one believes someone is taking it, it costs zero.”

While Waller believes that cryptocurrencies are unstoppable because anyone can spend new coins, he insists that they pose no threat to the financial system as most of them are worthless. .

According to the governor, those cryptocurrencies that have the ability to buy and stay will become digital gold.

Waller said he views Bitcoin as a digital version of gold, despite not believing that the largest cryptocurrency has any underlying intrinsic value:

“For me, Bitcoin is basically digital gold. It’s an asset that people buy. They hope it goes up and then they hope that it goes down … It has no intrinsic value, but that’s fine. “

In March, Fed chairman Jerome Powell also suggested that Bitcoin could act as an alternative to gold.

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