tl;dr
Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, expressed concerns about Bitcoin (BTC-USD), stating that it poses more of a consumer protection issue than a financial stability risk. In a conversation with Pensions & Investments Editor-in-Chief Jennifer Ablan, Kashkari h...
Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, expressed concerns about Bitcoin (BTC-USD), stating that it poses more of a consumer protection issue than a financial stability risk. In a conversation with Pensions & Investments Editor-in-Chief Jennifer Ablan, Kashkari highlighted that consumers are investing in Bitcoin without fully understanding it, leading to potential harm due to its volatility. He compared Bitcoin to Beanie Babies, emphasizing its lack of actual utility in the economy beyond being a speculative asset. Kashkari also noted that he has only seen Bitcoin being used by traders attempting to bypass banking regulations for activities such as marijuana banking and illicit transactions. Drawing a comparison to Amazon (AMZN), he underscored the absence of a legitimate use case for Bitcoin, rebutting the argument that its current lack of utility is similar to Amazon's early days before its eventual success.
More about Amazon.com Inc
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Amazon.com, Inc. is an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Microsoft, and Facebook. The company has been referred to as one of the most influential economic and cultural forces in the world, as well as the world's most valuable brand.
Industry: TRADE & SERVICES
Sector: RETAIL-CATALOG & MAIL-ORDER HOUSES
Market Cap: $1,894,765,560,000
P/E Ratio: 62.47
Dividend Yield: None
EPS: 2.92
52-Week High: 55.78
52-Week Low: 0.0529
Average Volume: 574,784,995,000
Stock Price: $208.64
Change: $50.69
Change (%): 0.139
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