Biden Report: Most of Crypto Has 'No Fundamental Value'

The Economic Report of the President released included a round condemnation of cryptocurrencies, saying they offer nothing except risk to U.S. financial markets.

Highlights

• President Joe Biden releases annual Economic Report of the President to Congress on cryptocurrencies.
• Biden: “It is conceivable that some of their potential benefits may be realized in the future” The report takes roughly the same view as Warren Buffett, who said he wouldn’t buy all the Bitcoin in the world for $25 because “it doesn’t produce anything” It was summed up thusly in the introduction: “The Reality of Crypto Assets,” the report said.
• The report said: “There has not yet been a systemic crisis caused by crypto assets, in part because they are not yet fully integrated with the rest of the financial system, giving policymakers time to act appropriately”

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