Neel Kashkari calls DOGE a Ponzi scheme

Minneapolis Fed President Neel Kashkari believes that DOGE is a Ponzi scheme.


It might be interesting to know that earlier, the Minneapolis Fed President had called cryptocurrencies “giant garbage dumpster” before and last week he took another step against the crypto space and lambasted DOGE calling it a Ponzi scheme.

The chief legal officer and corporate secretary of Coinbase, Paul Grewal conducted a poll on Linkedin in which he asked his contacts about the pronunciation of the word Doge. Here is the discussion:


Source: LinkedIn

One of the participants was Neel Kashkar who said “the right pronunciation is pon-zi”, which triggered a hot discussion there. It must be said that he had also criticized Bitcoin earlier in February 2020 when he said that BTC does not resemble the features of a stable currency and admired SEC for restricting ICOs.

The Federal Open Market Committee (FOMC) which is in charge of setting United States monetary policy is different this year since Kashkari is not a member of it, he won’t be able to vote for the coming year’s monetary policies. Therefore, the Minneapolis branch of the Fed will replace him as an FOMC member and this suggests that the interest rates will continue rising in 2023 while Kashkari was against adding to the interest rates before 2023.

This change of futuristic perspectives has played a major role in the drastic increase of USD while most of the digital assets saw a decline in their values.

Some coins were supported by celebrities and draw the attention to themselves like DOGE which was backed by Tesla CEO Tweets and was pushed up in price through FOMO although it fell sharply later.



Latest News

ADA stands at $2 prior to Cardano smart contract announcement

Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract. ...

SEP 13, 2021

The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network

In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer. ...

AUG 12, 2021

$600 million was stolen in an exploit on Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. ...

AUG 10, 2021

Bitcoin breaks $43K and crypto fans are optimistic once again after months of stress

After weeks of wait, finally, the crypto market rises from its ashes and breaches the $43K level, and records the highest price in the last months. ...

AUG 06, 2021



Ponzi Scheme



Ponzi Scheme