2026년 2월 26일 · Unknown · financial · 출처 Yahoo Finance
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Cryptocurrencies are "utterly useless," Federal Reserve Bank of Minneapolis President Neel Kashkari says.
Kashkari cast doubt on the value of cryptocurrencies when asked about AI by Old National Bancorp (NASDAQ:ONB) CEO Jim Ryan III during a Q&A at the Midwest Economic Outlook Summit on Feb. 19.
Kashkari asked the crowd to raise their hands if they had used popular AI tools like Google’s Gemini and OpenAI‘s ChatGPT and several hands went up. However, when he said, "raise your hand if you’ve bought or sold something with Bitcoin," no one appeared to raise their hand.
Don't Miss:
Professional traders demand transparency — see why Kraken Pro has become one of crypto's most trusted advanced trading platforms. Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen
"Crypto’s been around for more than a decade and it’s utterly useless," he said. "AI has not been around very long and people are using it every day. And so this is demonstrating to me that this thing is real and it has real long-term potential for the U.S. economy as opposed to crypto."
Kashkari also questioned the usefulness of stablecoins when asked by Ryan about stablecoins and payment innovations.
Stablecoins do not do anything Venmo and PayPal (NASDAQ:PYPL) do not already do, Kashkari said. He added that when he asked proponents about the usefulness of stablecoins, all he heard was "a buzzword salad answer, blah blah blah, tokenized deposits, blah blah blah. Like, what does it actually do for your consumer?"
Kashkari said stablecoins were not useful in the U.S. when pressed by Ryan about their potential for cross-border payments. Kashkari also said that in cross-border scenarios, their benefits are lost when recipients have to convert to their native currencies to use the money in the real world.
Trending: This ETF issuer isn't chasing the index — it's building tools for income, leverage, and conviction
"When it comes to anything about crypto or stablecoins, ask the most basic questions and don’t settle for word salad nonsense answers," he said. "Make them really explain how this thing actually works. And whenever I do that, there’s just nothing there."
It was not the first time Kashkari has questioned the value of cryptocurrencies. The longtime cryptocurrency critic compared the assets to Beanie Babies as recently as November, telling CNN they had no clear fundamentals beyond bypassing banking regulations.
Story Continues
Trade cryptocurrency and stocks on Kraken Pro, an advanced trading platform offered by Kraken, one of the world's most established cryptocurrency exchanges. The platform offers advanced order type and deep liquidity to help users execute complex strategies with precision. Kraken Pro is free to access with a Kraken account.
Kashkari’s remarks last week come as many others are also questioning the value proposition of cryptocurrencies, which have underperformed stocks and gold in recent months.
See Also: Motley Fool's analysts have built a new lineup of passive ETFs — explore which "Foolish" strategy fits your investment goals.
Deutsche Bank (NYSE:DB) Strategist Marion Labourerecently dismissed the narrative that Bitcoin is digital gold, citing its price performance.
"If I look at the 2025 performance, it's not a digital gold, or it's no longer a digital gold," she told Yahoo Finance earlier this month. "Gold outperformed by 65% in 2025, Bitcoin declined by 6.5%, so we are clearly seeing this divergence."
Laboure added that Bitcoin was not a means of payment or currency, saying, "It’s unlikely to replace gold or fiat." The asset is transitioning from being purely speculative to having a real use case, she said.
Read Next: Build your own AI-powered index in minutes — and earn an uncapped 1% match when you move your portfolio to Public. Learn how it works.
Building Wealth Across More Than Just the Market
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.
Rad AI
Rad AI's award-winning artificial intelligence technology helps transform data chaos into actionable insights, enabling the creation of high-performing content with measurable ROI. Their Regulation A+ offering allows investors to participate at $0.85 per share with a minimum investment of $1,000, providing an opportunity to diversify portfolios into early-stage AI innovation. For investors seeking exposure to the rapidly growing AI and tech sector, Rad AI offers a chance to get in on the ground floor of a data-driven growth story.
Paladin
Paladin Power is addressing the growing demand for energy independence with a fire-safe energy storage system that doesn't rely on lithium-ion batteries.Instead, its ESS uses non-lithium, solid-state graphene battery technology designed for durability, safety, and long service life—positioning it as an alternative to fire-prone storage solutions that dominate today's market. Since launching in 2023, Paladin has generated $185 million in contracted revenue, achieved strong year-over-year growth, and secured a manufacturing agreement with NYSE-listed Jabil. With systems already deployed across residential and commercial properties and a $500B global electrification market opportunity ahead, Paladin offers investors exposure to decentralized energy infrastructure backed by real contract…