Neel Kashkari calls DOGE a Ponzi scheme
Minneapolis Fed President Neel Kashkari believes that DOGE is a Ponzi scheme.
It might be interesting to know that earlier, the Minneapolis Fed President had called cryptocurrencies “giant garbage dumpster” before and last week he took another step against the crypto space and lambasted DOGE calling it a Ponzi scheme.
The chief legal officer and corporate secretary of Coinbase, Paul Grewal conducted a poll on Linkedin in which he asked his contacts about the pronunciation of the word Doge. Here is the discussion:
One of the participants was Neel Kashkar who said “the right pronunciation is pon-zi”, which triggered a hot discussion there. It must be said that he had also criticized Bitcoin earlier in February 2020 when he said that BTC does not resemble the features of a stable currency and admired SEC for restricting ICOs.
The Federal Open Market Committee (FOMC) which is in charge of setting United States monetary policy is different this year since Kashkari is not a member of it, he won’t be able to vote for the coming year’s monetary policies. Therefore, the Minneapolis branch of the Fed will replace him as an FOMC member and this suggests that the interest rates will continue rising in 2023 while Kashkari was against adding to the interest rates before 2023.
This change of futuristic perspectives has played a major role in the drastic increase of USD while most of the digital assets saw a decline in their values.
Some coins were supported by celebrities and draw the attention to themselves like DOGE which was backed by Tesla CEO Tweets and was pushed up in price through FOMO although it fell sharply later.
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