Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, USA last week attacked Dogecoin (DOGE), calling the memecoin a Ponzi scheme, which strengthened his anti-cryptocurrency attitude.
Kashkari’s remarks are in response to a survey conducted on LinkedIn by Paul Grewal, Coinbase’s chief legal officer, which asked his associates about the correct pronunciation of DOGE.
Kashkari joked: “The correct pronunciation is ponzi (Ponzi scheme).”
57% of respondents pronounced correctly. Image source: LinkedIn
Kashkari’s witty response has received more than 200 interactions. Source: LinkedIn
This is not the first time Kashkari has targeted cryptocurrencies. In February 2020, he stated that digital assets such as Bitcoin lacked any of the basic characteristics of a stable currency, and praised the US Securities and Exchange Commission for its “strike” on the initial coin offering.
Kashkari is not a member of the US Federal Open Market Committee (FOMC) this year, which is responsible for formulating US monetary policy. The Federal Reserve Bank of Minneapolis will become an alternate member of the FOMC in 2022 and become a voting member again in 2023.
Although Kashkari did not vote on monetary policy this year, he opposed any measures to raise interest rates before 2023. The Fed’s summary of interest rate forecasts released last week showed that policymakers are considering resuming interest rate hikes before the end of 2023, which is earlier than previously expected.
The revised forecast may cause the U.S. dollar to appreciate sharply, while the prices of stocks, commodities and even cryptocurrencies have fallen. On Sunday, the value of digital assets fell across the board, continuing the sharp correction following last week’s mild recovery.
Earlier this year, in a FOMO (fear of missing out) promoted by retail investors, assets like Dogecoin quickly became mainstream with the support of a tweet from Tesla CEO Elon Musk. In January of this year, as the number of tweets about Dogecoin soared by 1,800%, the hype surrounding Dogecoin even surpassed Bitcoin. But as the price of cryptocurrencies plummeted, Dogecoin was hit particularly hard. According to Cointelegraph, in April, the liquidation volume of Dogecoin briefly surpassed Bitcoin.
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