Goldman says he was'more optimistic' about the cryptocurrency market

102
2
Goldman says he was'more optimistic' about the cryptocurrency market

The price was lower by more than 2% on Wednesday as cryptocurrencies declined.

The price was around $45,100 per coin, while rivals were trading around $3,030 and 29 cents per coin, respectively, according to Coindesk.

Concerns about cryptocurrencies were raised Tuesday by Neel Kashkari, president of the Federal Reserve Bank of Minneapolis.

I was more optimistic about Bitcoin and cryptos five or six years ago, said Kashkari. At present, what I have seen is 95% scam, hype, noise and confusion.

Kashkari made the comments at a presentation at the annual Pacific NorthWest Economic Region Summit in Big Sky, Montana and was reported by Coindesk.

Kashkari contrasted the open nature of the crypto field with U.S. government monopoly on issuance of dollars.

There are thousands of garbage coins created, the central banker went on. Some of them are Ponzi schemes that are really scams. They dupe people into investing in money and then the founders rip them off.

Kashkari scoffed at the idea that Bitcoin could serve as a safe haven from inflation, especially for some developing countries.

In other cryptocurrency news, the Australian bitcoin miner Iris Energy said Wednesday it has applied to be listed on Nasdaq.

The company submitted a draft registration statement to the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission for a direct listing, according to the company.

Iris is looking at 2021's last quarter calendar.

It raised as much as $130 million earlier this year to expand its operations in British Columbia, Canada. It mines bitcoins using local electricity generators and developing green hydroelectric power to develop new jobs in the province.

Bloomberg had reported that the firm was in talks to raise $200 million ahead of its proposed Nasdaq listing.