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Cryptocurrencies are “utterly useless,” Federal Reserve Bank of Minneapolis President Neel Kashkari says.

Kashkari cast doubt on the value of cryptocurrencies when asked about AI by Old National Bancorp (NASDAQ:ONB) CEO Jim Ryan III during a Q&A at the Midwest Economic Outlook Summit on Feb. 19.

Kashkari asked the crowd to raise their hands if they had used popular AI tools like Google’s Gemini and OpenAI‘s ChatGPT and several hands went up. However, when he said, “raise your hand if you’ve bought or sold something with Bitcoin,” no one appeared to raise their hand.

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