Crypto Industry Criticized by Former Biden Advisor

A former advisor to President Biden has expressed skepticism about the crypto industry's prospects. In a recent statement, Jared Bernstein characterized cryptocurrency as an asset with 'almost zero legal use cases'.

According to Bernstein, the industry's value proposition was significantly diminished when the Trump administration took office and fully endorsed it. Despite this, Bitcoin's price still fell 40% from its October highs.

Bernstein also accused the crypto industry of engaging in significant lobbying efforts, with campaign spending exceeding that of traditional finance by a multiple of 10 in the most recent election. He noted that much of this spending was converted to dollars and generated revenue for exchanges regardless of price fluctuations.