A top Fed official just compared ‘speculative’ crypto to baseball cards and had a stark warning for owners: ‘Don’t expect taxpayers to socialize your losses’

“If you buy crypto assets and the price goes to zero at some point, please don’t be surprised,” Fed Governor Christopher Waller said Friday.

• 2023-02-11
• Christopher Waller crypto assets Gary Gensler Bitcoin Cathie Wood Federal Reserve

Fed Governor warns crypto investors: ‘Don’t expect taxpayers to socialize your losses’

Federal Reserve Gov. Christopher Waller on Friday warns of risks of cryptocurrencies, saying they are “nothing more than a speculative asset, like a baseball card.”

• 2023-02-11
• Christopher Waller Global Interdependence Center baseball card crypto market

UPDATE 1-Fed's Waller says crypto is risky, Harker sees continued demand

Federal Reserve Governor Christopher Waller on Friday had a pair of warnings for those involved in cryptocurrency assets, telling buyers they could lose their investments, and banks that they must guard against bad actors and risks to the financial system. Speaking at the same conference several hours later, Philadelphia Fed President Patrick Harker presented survey data suggesting that despite those risks, cryptocurrency will likely remain in demand. In recent months the cryptocurrency indust

• 2023-02-11
• Christopher Waller Patrick Harker cryptocurrency