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Atlanta Federal Reserve President Raphael Bostic believes the cryptocurrency sector deserves attention (of course because they are losing money to smart investors lol) Especially now that the market is in a dramatic phase, also of course because never let a good crisis go to waste right?
The Federal Reserve official yesterday mentioned the major developments in FinTech, adding that cryptos cannot afford to be ignored.
Mr. Money man-made specific reference to the volatility in the market, adding that it is one of the aspects preventing the use of these crypto-assets as an alternative to fiat currencies. Although he recognized that stablecoins are better suited to becoming traditional currency substitutes, he also said that they are still far from meeting all requirements.
"The crypto space is an extremely volatile market especially at the moment [...] and I don't think its properties are conducive to turning them into currencies at the moment," he said.
The remarks come just a week after St. Louis Federal Reserve President James Bullard revealed he was aware of the volatile nature of cryptocurrencies. Bullard made these comments amid the crashing crypto market, adding that crypto market activity does not pose a significant threat to the financial system. LOL, are you sure about that buddy?
"In itself, I don't see this as a systemic concern at this point." See this?" At this point" is carefully chosen because it implies the possibility to indeed become a concern in the future, we see you and your way to talk you snakes!
Bullard was supported by Bostic, who confirmed in a conversation with Bloomberg TV that he was aware of the volatility. The two Federal Reserve officials agreed that the volatility did not occur to such an extent that it would have affected the economy. Interestingly, Bostic stated [at the time] that he does not consider the crypto sector in drafting policies that affect the general financial system.
The Bank of England shows crypto skepticism
While banks and "competent authorities" (lmao) in the US have accepted cryptocurrencies and are working towards their regulation, the picture in the UK is different. Bank of England Governor Andrew Bailey described cryptocurrencies as "dangerous" in a meeting of the finance committee of the British Parliament yesterday.
"I'm skeptical of crypto assets, frankly, because they're dangerous, and there's a lot of buzz out there."
Long a staunch crypto adversary, Bailey said he was critical of these because of the excitement surrounding them. Earlier this month, Bailey warned people not to invest in crypto assets. He claimed this was like throwing money away.
After the Bank of England's interest rate decision, he spoke to journalists and criticized crypto assets such as Bitcoin and said that they had no “intrinsic value”. He went on to add that the terms crypto and currency did not deserve to be mentioned in one sentence because they did not “go together”.
