Why doesn’t Wall Street understand Bitcoin? A former Goldman Sachs member explains.

John Haar, a former member of Goldman Sachs’ asset management division, has published an article detailing what he perceives to be opinions on Bitcoin, good money, and Wall Street economics.

He listed several reasons why members of traditional finance disagreed with Bitcoin’s potential as global money.

as described inblog postSwan’s Haar said on Monday that “virtually no one” takes the time to understand the history or fundamentals of silver. For example, they don’t understand the characteristics that made gold such a dominant silver in the past. This has led to a decline in Wall Street’s understanding of Bitcoin, which is often referred to as the “Bitcoin”. “Digital gold” because of features such as durability, portability, and scarcity.

Bitcoin, on the other hand, is similar to commodity money with constant supply. In fact, Wall Street investors often “pretend” to be savvy about Bitcoin and other financial topics. As a result, they tend to take a stand against Bitcoin from what they have heard. in mainstream media

Haar also describes Wall Street as “high-performing consensus followers” ​​who are unlikely to be early adopters of new technology. And they tend to trust the oligarchs and accused experts,” he said.

In addition, the traditional financial worldview They often exist in developed countries with relatively stable currencies and secured property rights. which under such circumstances The Necessity of Bitcoin in Those Countries Fewer than citizens based in Argentina, Turkey, Venezuela, Nigeria, and other places where Bitcoin acceptance is quite high.

Haar concludes that most people in traditional finance who are against Bitcoin have not done any deep research or understanding.

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