JPMorgan Ex-Trader Daniel Masters: Bitcoin Breakthrough Just Beginning
The head of the Global Advisors Bitcoin Investment Fund (GABI), Daniel Masters, convinced that bitcoin has the potential to challenge fiat money and gold in the process of capital formation, which is traditionally carried out by issuing shares or bonds.
"I think, at the core of this, is the development of new tools that are challenging the role that fiat money and gold have historically played. And that challenge is being brought forth by bitcoin." he stressed.
In the past, the trader of the investment bank Salomon Brothers and the financial company JPMorgan Chase, Masters considers the cryptocurrency market has a potential and going to reach capitalization$ 170 billion in conditions of complete isolation from the current financial system. According to Masters, the scope of the cryptocurrency has become self-sufficient and is ready to question the foundations of the traditional financial industry.
Masters admitted that investors and financial institutions concerned about the extreme volatility of the market, but does not believe that one should focus on the issue of price when it comes to investing in the development of technology.
In fact, he sees no difference between investing in cryptocurrencies and investing in financial technologies, medical technologies and the Internet of things. At the same time Masters does not agree with skeptics, who consider the blockchain a promising technology, but they deny the future of the cryptocurrency.
In addition, he convinced that cryptocurrencies provide significant savings in the context of access to a global financial platform with open source. As Masters believes, even large technology companies will not have enough strength to compete with blockchain innovations.
Also Daniel Masters commented on the recent statements by JPMorgan CEO Jamie Daymon to bitcoin and crypto traders, calling them "shortsighted."
"I don't think Jamie Dimon has an open enough mind, all the time, to properly accept the contribution that digital assets can make," he said.
Masters did not forget to mention that the JPMorgan Securities division was buying bitcoins for the company's clients while Dimon himself was severely critical of crypto-currencies.
"They need to finally decide on their point of view - to support customers who want to buy bitcoins and stop stupid statements. It is unworthy of such a large organization, " he concluded.
Recall, earlier this year, led by Masters Global Advisors Bitcoin Investment Fund launched a special tool for investment in ICO and cryptocurrency tokens.