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>>A Crypto Reality Check: A Federal Reserve Official Explains Why Cryptocurrency Lacks Practical Uses Compared to AI

A Crypto Reality Check: A Federal Reserve Official Explains Why Cryptocurrency Lacks Practical Uses Compared to AI

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about 20 hours ago

Fed Critique of Crypto

Fed President Neel Kashkari warned that cryptocurrency lacks clear, real‑world use cases, unlike artificial intelligence. He questions what problems crypto actually solves and views most digital assets as speculative. The comment intensifies scrutiny as regulators seek tangible benefits from the sector.

AI vs Crypto Utility

AI is already embedded in daily tools such as virtual assistants, recommendation engines, and automated diagnostics, delivering measurable efficiency gains. Its impact can be quantified, making it easier for policymakers to endorse. Crypto, by contrast, struggles to prove comparable concrete outcomes at scale.

Barriers to Crypto Adoption

Uncertain regulation, technical complexity, high volatility, and security breaches deter mainstream users. Scalability limits many blockchains from handling transaction volumes comparable to traditional systems. These hurdles reinforce the view of crypto as a risky, speculative store of value.

Emerging Successes and Outlook

Despite criticism, crypto supports cross‑border remittances, decentralized finance, NFT ownership, and provides financial lifelines in hyperinflationary economies. Institutional pilots in supply‑chain and settlement systems hint at growing acceptance. Future growth will likely depend on clearer regulations, improved scalability, and demonstrable solutions to real‑world problems.