Startup Founders Believe Cryptocurrencies Lead to Brighter Fintech Future
Today’s World Needs Cryptocurrencies To Change The Future
The exponential growth of cryptocurrencies like Bitcoin, Litecoin, and Ethereum will change the future for the better as its meteoric rise signals the dawn of the fintech era.
"While cryptocurrencies have been around for nearly a decade via Bitcoin and handful of others, the current blockchain space is completely different in nature and form. With interest from mainstream media and of course the ‘day one’ loyal followers of cryptocurrencies, everyone everywhere is talking cryptocurrencies," said Garen Ovsepyan, a former fund manager who is now involved in the development of a new digital currency called Thaler.
Dawn of Financial Tech Era
Nigel Green, CEO and founder of independent financial advisory organization deVere Group, described Bitcoin’s rally as signaling the dawn of the financial technology era, while expressing caution that the market remains a major gamble.
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He commented, “Bitcoin’s impressive current run continues, leaping over one psychological hurdle after another, and outstripping most previous expectations. It has caught many experts and commentators off guard. The meteoric rise of Bitcoin underscores the demand and the need for digital currencies in today’s world. Bitcoin and others have identified this and are meeting those demands and needs and filling the void."
The rally of Bitcoin and other digital currencies highlights the fact that the already large marketplace for cryptocurrency is expected to grow in the coming years and at a much faster pace, Green said as he dismissed JP Morgan CEO Jamie Dimon’s contrarian view about Bitcoin.
“He is wrong,” Green said of Dimon on the topic of Bitcoin.
Not All Crytocurrencies Are Equal
According to Ovsepyan, cryptocurrencies are a great way in diversifying one's portfolio. However, he warned investors that not all cryptocurrencies are created equal. Indeed, a lot of these so-called cryptocurrencies are in fact just simple tokenized assets or ideas layered on the Ethereum ERC20 token.
He said, "Coming from a background of trading the largest asset class in FX and having a Wall Street mindset, although the volatility can create endless opportunities, it also creates an environment of instability to which a lot of people like myself are cautious about."
Today’s World Needs Cryptocurrencies To Change The Future
According to Green, no-one knows for sure the short, medium, long-term future for Bitcoin. But what we do know is that the blockchain technology that underpins it is revolutionary and is already changing the way the world handles money.
He added, "Today’s world needs cryptocurrencies. One or two of the existing ones will succeed, whether it’s Bitcoin or not remains to be seen. But the dawn of the financial technology era has arrived."
His statement was echoed by Ovsepyan who added that the blockchain technology would change the way we do things on a daily basis, comparing it to the internet and email and everything that came after.
Ovsepyan went on to say, "The fact that blockchain can eliminate human intervention to disrupt the data process is ingenious, and quite frankly, this scares a lot of the larger conglomerates and even perhaps governments. Think of this, if Enron were on the blockchain, they wouldn’t have done what they did with their creative accounting practices. If governments were on the blockchain, the general population wouldn’t have to question where billions of missing corresponding fiat currencies disappeared."