A financial revolution is underway, and it’s coming faster than you think thanks to cryptocurrencies. Even experts from JPMorgan who have a vast amount of experiences in the financial world agree that cryptocurrency will change the economic world altogether.
One such expert who agrees with cryptocurrencies for the future is Daniel Masters, former leader of JPMorgan’s energy trading desk. He is now the chairman of digital investment bank Coinshares and chief investment officer at Global Advisors.
Coinshares compromises of two exchange-traded Bitcoin notes (COINXBT and COINXBE), two exchange-traded Ether notes (COINETH and COINETHE) and two funds (GABI and CoinShare Fund 1).
Global Advisors is a professional money manager specializing in digital assets such as Bitcoin.
Daniel Masters compared how the internet had wholly changed the way news was spread around the world making it more democratized and how distributed ledger technology is doing the same for peer to peer transactions.
Bloomberg recently interviewed him, and the whole conversation revolved around cryptocurrencies. He confirmed to Bloomberg that fears about cryptocurrencies being a leakage in the fractional reserve monetary system is not a concern as it has a potential in the future with cryptocurrency markets nearing almost $1 trillion.
Masters argues that it won’t be a fight of traditional financial markets vs. cryptocurrencies but instead how much of cryptocurrencies will be adopted in the market.
As of now, Masters is managing more than $800 million in cryptocurrency assets which is not a joke. Hence his comments need to be taken very seriously.
According to his expertise, which spans buying Bitcoin since 2012 when it was at $100 he suggests a multi-stage screening process where scam ICO’s will be caught. In this process, fewer than 3% of the small ICOs that go through get passed, which shows the process’s strength.
Last month in March Dr. Andrei Kirilenko, Director of the Global Fintech Centre at the Imperial College Business School chaired a panel on fintech, cryptocurrencies, and cybersecurity along with Daniel Masters.
“The digital asset universe is becoming self-sustaining. It’s gone from a billion to a trillion dollars in the last two years. We have this emerging and rapidly expanding universe which is [escaping] from the legacy world,” Masters said at the discussion.
Image Source: “LinkedIn”