President and CEO of the Raphael Bostic recently took a negative stance toward investments at the annual meeting of , urging the public to avoid digital currencies, as reported today, March 27.
At the meeting considered to be “the largest gathering of leaders in the world on behalf of empowering poor and underserved communities”, Bostic expressed criticism about cryptocurrency markets, claiming that digital currencies are not even currencies.
“Don’t do it… They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets,” Bostic argued.
In , Bostic, a housing development official during the Obama administration and professor at the University of South California, was designated president of the Atlanta Federal Reserve. In 2017, Bostic was included in the The Bloomberg 50.
Bostic is not alone among Federal Reserve leaders who are skeptical of cryptocurrencies like . In January, President of the Federal Reserve Bank of Chicago Charles Evans argued that bitcoin is “not money-like”, and bitcoin investors are “swimming with all the sharks in the world because of all the anonymity.”
President Neel Kashkari of the Federal Reserve Bank of Minneapolis said in December that, “I think of it a little bit like Beanie Babies. If they were jumping in price by 1,000 times, or $10,000 each, what would we make of Beanie Babies being priced where they are?”
The US (IRS) , and as such they are subject to federal . The IRS recently reminded the public to report any digital currency earnings, lest they run afoul of federal tax laws.
Published at Wed, 28 Mar 2018 01:52:04 +0000
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