News Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution”

Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution”


- Advertisment -

Danny Masters used to direct JPMorgan’s energy trading operations. Now, he’s started Global Adivsors, an investment firm that’s delved deeply into bitcoin and other top cryptocurrencies. Masters is now saying that banks will only continue to be walloped by the “true financial revolution” that is the cryptoverse. 

Also see: Bitcoin Dev Wants to Change Bitcoin’s Proof-of-Work Algorithm

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

Masters: “I Just Threw Out My Chequebook”

As a former investment wiz at JPMorgan and Shell, Danny Masters knows a thing or two about speculating.

But he’s long since taken his skills to a new arena: cryptocurrency. And, over the past few years, he’s quickly realized that the battle of old versus new has already reached a tipping point.

Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution”
Masters pictured.

“Banks have sat on their laurels for 30 years. I just threw out my chequebook, it looks exactly the same as it did in 1985,” Masters said in new comments to the press. “[Banks] have absolutely failed to innovate in any way, shape, or form and now they’re paying the price.”

The War Is Already Here

The former JPMorgan energy head went on to suggest that you’re not looking close enough if you don’t already see the battle lines being drawn:

“There’s something of a trench warfare going on between what I call analogue financial services companies and digital financial services companies […] The analogue financial services companies are not in this game at all. They don’t want to touch the core currency, which is bitcoin or ethereum, they’re suspicious about the industry itself.

[…] We saw Charlie Munger on February 17th call bitcoin asinine. We heard Jamie Dimon call bitcoin a fraud.

[…] Banks have gone from dismissive, to unified in their resistance. Why? Why is something they ridiculed three months ago now something they feel the need to unite against and try and kill? There’s been a lot of aggressive things from banks.”

To the “why,” many enthusiasts in the cryptocurrency space would say it’s because the world’s largest banking institutions — known for their lumbering bureaucracy — are finally starting to wake up to the fact that young fiery cryptocurrency upstarts are seemingly revolutionizing finance right before their very eyes.

Or, as Masters puts it, “it is abundantly clear that we are in the midst of a true financial revolution.”

We Know What Masters Would Say to Warren Buffet

As the founder of Global Advisers, Masters deals with cryptocurrency investments day-in and day-out. For now, then, he’s at the vanguard of his field, as many other traditional investors are steering clear of crypto for now.

In that lot, count Berkshire Hathaway’s “Oracle of Omaha” Warren Buffett, who has previously made it clear that bitcoin and the like is not for him.

Curiously, though, Buffett’s latest annual letter to his shareholders was just published, and in it he declared Berkshire Hathaway has a whopping $116 billion laying around just waiting for the right investments.

He wrote:

“This extraordinary liquidity earns only a pittance and is far beyond the level Charlie [Munger] and I wish Berkshire to have. Our smiles will broaden when we have redeployed Berkshire’s excess funds into more productive assets.”

To that, we know what Masters would probably say: give cryptocurrency a shot, Mr. Buffett. It may just end up being the next great societal revolution.

What’s your take? Do you agree with Masters, are big banks ages behind the innovation that cryptocurrency projects are spurring today? Sound off in the comments below. 

Images via Seeking Alpha, Euromoney

The post Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution” appeared first on Bitsonline.

Source link


Please enter your comment!
Please enter your name here

Latest news

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...
- Advertisement -Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution”

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

Must read

Make Fast and Secure Trades Using is a Cryptocurrency trading platform that...
- Advertisement -Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution”Ex-JPMorgan Energy Head: Bitcoin, Cryptocurrency a “True Financial Revolution”

You might also likeRELATED
Recommended to you