Fed Chair criticizes Cryptocurrencies, thinks we’re “unsophisticated”

The Fed Chair criticized cryptocurrencies today called them dangerous for “unsophisticated” investors. First of all, this “unsophisticated” nonsense has got to stop because I don’t really believe in the distinction. A monkey throwing darts at random stocks has beaten a group of the most well-respected investment experts at predicting the market before and very few actively managed funds actually beat the market index in the long run so the “expert sophisticated investors” don’t do much better than the rest of us. Second, cryptocurrencies are dangerous for unsophisticated and sophisticated investors alike and its nearly impossible to predict which ones will fly and which ones will drop, especially when you are dealing with small alt coins.
I think he is mainly criticizing cryptos because he fails to understand them and they pose a potential threat to the current financial system which he is at the top of. However, the tide is turning and many even in the banking sector have even acknowledged that cryptocurrencies are here to stay so for people like him its get off the tracks or stay and get run over.

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