Federal Reserve Bank of Minneapolis President Neel Kashkari has cautioned that the Dogecoin (DOGE) cryptocurrency is merely a “Ponzi scheme” following the official formerly criticized it.
Specifically, Coinbase Legal Director Paul Grewal created a questionnaire on Connected In to ask friends about the right pronunciation of “Doge”. And the most prominent comment belonged to Mr. Kashkari when he quipped, “The correct pronunciation is pon-zi”.
In reality, this isn’t the first time Mr. Kashkari has “pointed a spear at” cryptocurrencies. In February 2020, the chairman also stated that digital assets such as Bitcoin (BTC) lack the principles to be a viable unit of money. At the exact same time, he also praised the Securities and Exchange Commission (SEC) for carrying many extreme actions to govern ICO projects.
This year, Mr. Neel Kashkari isn’t a part of the FOMC (Federal Open Market Committee). The FOMC is the group responsible for placing US monetary policy. The Fed’s Minneapolis office will function as a non-permanent member of the FOMC in 2022 before returning to the committee as a voting member in 2023.
Therefore, Mr. Kashkari won’t be able to vote on monetary policy this season. He also rejects any step to boost interest rates prior to 2023. From that the Fed’s overview of interest rate projections published last week, it could be observed that coverage is aiming for rate hikes at the end of 2023.
This revised prediction may have contributed to the strong increase of the US dollar (USD). Meanwhile, the inventory market, commodities, and even cryptocurrencies are hit hard. The whole cryptocurrency market continued to drop in a major way on Sunday, together with Dogecoin (DOGE) alone falling 14.22percent at the same point. Compared into the small recovery last week, the market is expanding the powerful correction even farther.
Earlier this season, meme coins such as DOGE had a very powerful FOMO wave, aided by useful tweets from Tesla CEO Elon Musk. In January, the community’s interest in Dogecoin outstripped that of Bitcoin at the moment, with excitement on social media growing over 1,800%. However, once the cryptocurrency market collapsed, DOGE was also severely affected.
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