The Federal Reserve Bank of Minneapolis considers cryptocurrencies a hype, and a Bloomberg analyst is confident that BTC will replace gold

The Federal Reserve Bank believes that cryptocurrencies are “95% fraudulent and hype”

The President of the Federal Reserve Bank of Minneapolis, Neil Kashkari, believes that digital currencies are “95% fraud and hype.” The official noted that a few years ago he was more optimistic about the crypto market.

“Cryptocurrency is 95% fraud, hype, noise and confusion,” said the President of the Federal Reserve Bank of Minneapolis.

According to Kashkari, all altcoins are “junk coins”. Launching your own digital currency is quite simple, the official said. He joked by offering to launch another BTC fork, which could be called “Montana Coin”.

Crypto enthusiast: BTC can replace gold

Bloomberg analyst Michael McGlone is confident that, despite difficulties with regulators, the first cryptocurrency can replace gold. This will not happen in the industry. However, the BTC may replace the precious metal as a hedge against risk and accumulation.

The analyst believes that “digitalizing money and the financial industry” will give the first cryptocurrency a significant boost to growth. At the same time, according to McGlone, gold has no good prerequisites for growth.

“Digitalization of money and finance is happening rapidly and organically, the dollar is gaining dominance, Bitcoin is replacing gold and U.S. regulation is unlikely to disrupt its advance,” the analyst wrote on Twitter.