James Bullard, president of the Federal Reserve Bank of St. Louis, seemingly doesn’t understand why many are looking to cryptocurrency as a medium of exchange instead of a uniform currency like the U.S. dollar.
In an interview with CNBC’s Squawk Box on Tuesday, Bullard said the issue for making payments isn’t currencies that can be traded electronically but rather privately issued ones, as is the case for many cryptocurrencies. He referenced a time in the United States before the Civil War when there was confusion and a dislike for trading the “equivalent of Bank of America (NYSE:BAC) dollars and JPMorgan (NYSE:JPM) dollars and Wells Fargo (NYSE:WFC) dollars.”
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