Minneapolis Federal Reserve president Neel Kashkari took a bearish stance on crypto Tuesday when he said cryptocurrency is mainly fraud, hype, noise and confusion.
Jim Cramer expressed an opposing view Wednesday on CNBC’s “Squawk On The Street.”
The Coinbase Global Inc (NASDAQ: COIN) numbers clearly show that Kashkari is out of line with his comments, Cramer said.
The CNBC host acknowledged that crypto has been used for ransomware payments, but he argued that there are many other positive use cases.
The rise in the popularity of cryptocurrency is a reaction to the endless printing of money, Cramer said, adding that investors don’t like gold as an alternative because the price doesn’t seem to go up.
Related Link: Ethereum Already ‘Flipped’ Bitcoin In This Part Of The World
Walmart Inc (NYSE: WMT) recently announced it’s hiring a cryptocurrency expert to potentially expand its virtual payment options.
“I thought that was incredible,” Cramer said. “People are going to demand that [cryptocurrency] is accepted.”
The demand for crypto payment acceptance is focused on Ethereum (CRYPTO: ETH), Cramer said.
He told CNBC crypto is “being used worldwide and you can’t fight it.
“You may think it’s fraud or you may think it’s tulips, but enough people are involved in it that you’re fighting the tide of history.”
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