Neel Kashkari Slams Bitcoin and Stablecoins as “Utterly Useless” at 2026 Economic Summit

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, delivered sharp criticism of cryptocurrencies during the 2026 Midwest Economic Outlook Summit in Fargo, North Dakota, arguing that digital assets like bitcoin and stablecoins have yet to demonstrate meaningful real-world utility.

Speaking to attendees, Kashkari contrasted the rapid adoption of artificial intelligence (AI) tools with what he described as the limited practical use of crypto. He asked the audience how many had used AI platforms such as ChatGPT or Gemini in the past week, highlighting AI’s growing role in everyday productivity and its long-term potential for the U.S. economy. He then followed up by asking how many had recently used bitcoin to buy or sell goods, suggesting that cryptocurrency adoption for daily transactions remains minimal.

“Crypto has been around for more than a decade, and it’s utterly useless,” Kashkari said, emphasizing his skepticism toward the broader digital asset market.

The discussion expanded to stablecoins, particularly U.S. dollar-backed stablecoins often promoted for faster and cheaper cross-border payments. Kashkari questioned whether stablecoins offer any meaningful advantages over existing digital payment platforms like Venmo. He described much of the industry terminology as “buzzword salad,” arguing that current financial infrastructure already meets the needs of most American consumers.

While acknowledging that stablecoin adoption is increasing in some emerging markets, Kashkari maintained that technical and practical challenges remain. He pointed out that even if transfers are instant, recipients typically must convert stablecoins into local currency to pay for everyday expenses, which can involve additional costs.

Kashkari’s remarks stand in contrast to the Trump administration’s pro-crypto stance. Treasury Secretary Scott Bessent has argued that regulated stablecoins could strengthen the U.S. dollar’s dominance in global payments. President Trump also signed an executive order in March establishing a strategic bitcoin reserve, underscoring growing political support for digital assets despite ongoing skepticism from some Federal Reserve officials.