A good news for the cryptocurrency users flowed in the market after Daniel Masters, ex-JP Morgans’ employee who led global energy trading desk, says cryptocurrencies are fueling a financial revolution.
In an interview Maters who is now chairman of Coinshares (Digital Investment Bank) and also the chief advisor at Global Advisors, explained how distributed ledger technology is doing for the democratization of peer-to-peer transactions what the internet did for the democratization of news.
“That’s at the core of what makes this a revolution,” Masters told
Masters was questioned about the “leakage” problem in the fractional reserve monetary system where only some bank’s deposits are backed by any assets.In reply to this Masters defended cryptocurrencies and said NO, cryptocurrencies aren’t creating leakage in that leverage, at least not yet.
Masters also tells about a “regulatory sandbox” ambiance where digital assets reside over past five years. He said an ecosystem of nearly $1 billion to 10 billion in size “is almost experimental in the scope of the main financial system.”
Masters said with the roaring cryptocurrency market with fuelled crypto related headlines and ner to cross the market of 1 trillion, cryptocurrencies– “suddenly became something regulators, banks … central banks and governments decided could no longer be ignored,”
Masters also added that “I don’t think there’s any concern from that community at the moment that there’s leakage .. but I think they’re beginning to realize that there is potential for that in the future,”
The gravity of the views and opinions of the Master’s can be concluded from IMF chief Christine Lagarde said in a blog post that cryptocurrencies “pose no immediate danger” to the economy.
After a down of market now this type of moves and news from the intellectuals and big fishes of market definitely rise the market again and so good for the crypto traders and future of cryptocurrencies.