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President of the Minneapolis Federal Reserve Neel Kashkari, following statements made earlier, made comments to Bloomberg regarding cryptocurrencies and how easy it is to create new cryptos.

Key quotes

“The barrier to entry to creating a new cryptocurrency is zero.

If you can dupe enough people to buy it, you can pretend that you’ve launched something, and you can say, look, I’m a billionaire, because I sold you one, and I own the other 999 million of them, so that means I’m a billionaire. So, it’s become a farce.

I’m seeing more noise and more fraud than I’m seeing anything useful.

Does that mean it’s always going to be a farce? No. There will probably be a shakeout, and maybe a handful of these things will end up surviving.”