The president of the Federal Reserve Bank has consistently seen nothing good in cryptocurrencies and has several bad names for them. At first, it was the “giant garbage dumpster” description that spread all over the social media as he referred that to all cryptos. Just last week, he faced Dogecoin specifically calling it a Ponzi.
Kashkari said this in response to a question asked by Paul Grewal of Coinbase when he wanted to know the best way to pronounce Doge. Kashkari then replied: “The right pronunciation is pon-zi.”
Kashkari is well known for his dislike for cryptocurrencies. In February last year, he mentioned that BTC did not have the capacity to act like a currency and showered encomiums on the SEC for coming out strong against ICOs.
2021’s list of those who will be modifying the monetary policy in the U.S. does not contain Kashkari. but he will be back again to the Federal Open Market Committee in 2023 to contribute his ideas towards monetary policy.
Although Kashkari is not part of the committee in 2021, he tries to discourage every move that suggests an increase in interest rate. He has gotten wind of the fact that members of the Fed has plans to raise interest rates in 2023 against popular opinion that any increase should be coming after 2023.
The proposed increase in interest rate made equities, cryptos and commodities fall sharply in value compared to the dollar. The prices of cryptocurrencies dropped further to favour bearish sentiments.
DOGE was on the rise earlier some months ago after being hyped by the billionaire Elon Musk of Tesla. DOGE’s promotion was even something much stronger than that of Bitcoin when the year began. Many people tweeted and retweeted about Doge but since things turned sour for all cryptos, Doge has significantly failed to impress anyone again.
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