Bullard notes that while he is "a fan of technological innovation as a driver of economic growth, and blockchain and related technologies are promising", he is far less enthused by the concept of cryptocurrencies, for an obvious reason: cryptocurrencies, unlike fiat, are not created by any central bank; cryptocurrencies, like fiat, are only worth whatever someone believes they are worth.
In other words, in a time when central bankers are losing credibility by the day, there is no a legitimate platform to express this loss of faith, i.e. by purchasing bitcoin and other cryptos. Which is also why central banks are doing everything in their power to suppress the rise of cryptos, just as they did the same to gold several years ago.
Predictably, Bullard's conclusion is hardly crypto-friendly: 'Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange."