Fed Governor Says Bitcoin Is Merely Electronic Gold

The American economist and member of the Federal Reserve Board of Governors, Christopher Waller, believes blockchain technology is “totally overrated,” even though the U.S. central bank “put a lot of resources into understanding digital currencies and the blockchain.” On Friday, Waller spoke during a panel that discussed central bank digital currencies (CBDCs) and said that CBDC white papers were similar to “infomercials.”
On Friday, a virtual panel made up of Yale’s Gary Gorton, Bank for International Settlements (BIS) executive Hyun Song Shin, and the Fed’s Christopher Waller discussed blockchain technology and CBDCs at great length. The hour-long panel discussion was called “Should Central Bank Issue Digital Currencies?” and Waller is very skeptical about such technologies.
I can remember when many of these Traditional banks on Wall Street were against crypto like Bitcoin, but today many of these execs are jumping ship from Traditional banks to crypto companies like Coinbase, Aloha DeFi, Binance, and so on. What happened?
Waller further stressed that he doesn’t think blockchain technology is efficient, and he thinks there’s too much hype surrounding it.
I am sure he will change his mind in the future.
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