Bitcoin Rebounds to $70K; Fed's Kashkari Compares Crypto to Beanie Babies Despite Growing Utility

Bitcoin price has surged over $70,000, rebounding from 2022 lows below $15,000
Federal Reserve president Kashkari likened bitcoin to "Beanie Babies" and said it has no utility beyond speculation
He warned bitcoin could go to zero and expressed worries about fraud, hype and confusion around crypto
Other experts disputed his claims, noting bitcoin's use for payments, assets, energy, and in countries with inflation
Bitcoin's recent rally is partly attributed to expectations of eventual Fed rate cuts due to high inflation and debt levels