Crypto Assets Not Worth the Risk, Warns Federal Reserve Governor
• Christopher Waller is the Federal Reserve board governor and he is not a fan of the digital currency space.
• Waller said that most digital currencies were „speculative“ and compared them to baseball cards.
• He is concerned with the lack of regulation in the crypto industry, as well as its spillover effects into the standard financial system.
Christopher Waller Does Not Support Crypto
Federal Reserve Board Governor Christopher Waller recently made it clear he’s not a fan of cryptocurrency or digital assets during an interview. He believes that these assets are speculative and have no real value, comparable to baseball cards.
Waller Is Concerned About Crypto
Waller expressed his concern about banks engaging in activities that present a heightened risk of fraud, scams, legal uncertainties, and misleading financial disclosures. He also mentioned the lack of regulation in this arena as well as its potential effect on the standard financial system.
Warren Buffett and His Views
The head of real estate giant Berkshire Hathaway Warren Buffett has been vocal about his disdain for bitcoin and other cryptocurrencies. In fact, he has gone so far as to call bitcoin “rat poison squared” due to its volatility and price crashes over recent years.
Christopher Waller’s Advice
In order for crypto exchanges and related businesses to be taken seriously, they need to be forceful about KYC (know your customer) protocols and get all necessary information from customers to ensure they are who they say they are. Otherwise, they’re running shady – potentially criminal – enterprises according to Waller.