• Christopher Waller, the Federal Reserve board governor, recently expressed his disapproval of digital currencies.
• He believes that crypto assets are speculative and have no real value other than what people believe in them.
• Waller is concerned about banks engaging in activities with heightened risks of fraud and scams, and he wants to see more regulation in the crypto industry.
Christopher Waller’s Disapproval of Cryptocurrency
Christopher Waller, the Federal Reserve board governor, recently expressed his disapproval of digital currencies during an interview. He believes that crypto assets are speculative and have no real value other than what people believe in them. Therefore, if prices go to zero at any point, taxpayers should not be surprised or expect for their losses to be socialized.
Waller Is Concerned About Crypto
Waller further commented on how banks engaging in activities with heightened risks of fraud and scams can bring down the crypto industry as a whole. As such, he wants to see more regulation in this space to ensure proper KYC (know your customer) protocols as well as accurate financial disclosures from exchanges and related businesses.
Warren Buffett’s Views On Crypto
The views expressed by Christopher Waller bear similarities to those expressed by Warren Buffett – head of real estate giant Berkshire Hathaway – and his business partner Charlie Munger who have consistently made it clear they don’t think much of bitcoin or its digital counterparts over the years. In fact, Buffett has even gone so far as to call bitcoin „rat poison squared“ in the past.
Volatility & Price Crashes
No doubt due to recent volatility and price crashes witnessed by traders across various cryptocurrencies (e.g., BTC dropping from $68k/unit at its November 2021 all-time high), the industry has earned its fair share of haters over the last year or so.
In conclusion, it is clear that Christopher Waller does not view cryptocurrency favorably due to its potential for fraud and lack of regulation; a sentiment shared by Warren Buffett who has been publicly vocal about his disdain for Bitcoin over the years. However, despite this negativity surrounding cryptocurrencies lately due to volatility & price crashes observed throughout 2021/2022 thus far, many investors remain optimistic about their potential long-term success & growth within both traditional finance & technology spaces alike