Neel Kashkari, the President of the Minneapolis Federal Reserve, declared that cryptocurrency is “utterly useless” when compared to artificial intelligence, stating that discussions favoring stablecoins often sound like a “buzzword salad.”

While speaking at the Midwest Economic Outlook summit, Kashkari made pointed comparisons between the two sectors, asserting that although crypto has existed for over a decade, it lacks real-world utility. He noted that AI, despite being relatively new, is already proving its worth in everyday applications and suggests significant long-term potential for the U.S. economy, unlike crypto.

“AI has not been around very long, and people are using it every day,” he said, emphasizing its practicality compared to crypto innovations.

Kashkari also criticized the framing around the usage of stablecoins, challenging, “What can I do with the stablecoin that I can’t do with Venmo today?” He illustrated concerns using a personal anecdote about his father-in-law in the Philippines, highlighting the conversion fees required when receiving stablecoins.

He warned attendees to demand straightforward answers regarding crypto and stablecoins, urging them to avoid the complex jargon often used in the industry. He concluded by emphasizing the importance of asking fundamental questions to discern the true utility of these assets.