Daniel Maters who used to work at JPMorgan’s global energy trading desk has said that Cryptocurrencies are promoting a change in the financial world.
Maters, who is presently the chairman of digital investment bank Coinshares and chief investment officer at Global Advisors made the remarks in an interview explaining the benefits of distributed ledger technology and how it is influencing transactions. Masters went on to say “that’s at the core of what makes this a revolution.”
When asked about the matter of leakage problem in the financial system, Masters responded by saying that presently, Cryptocurrencies are not causing any leakage to that respect.
Masters went on to term a “regulatory sandbox” situation wherein Cryptocurrencies declined for the last five years up to 2017. He pointed out that an ecosystem that is $1 billion- $10 billion in size “is almost experimental in the scope of the main financial system.
Masters is of the view that as the market approaches the $1 trillion mark backed by the entire buzz about Cryptos, Cryptocurrencies “suddenly became something regulators, banks … central banks and governments decided could no longer be ignored,” said Masters. “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,” he explained.
Speaking on the same topic, IMF Chief Christine Lagarde said recently that cryptocurrencies “pose no immediate danger “to the economy.
From Masters point of view, the world has never witnessed a “fight to the death between Crypto and the USD/ GBP legacy system.” Rather he believes that it is regarding “what portion of the total financial ecosystem accrues to the Cryptocurrencies,” going further to explain that: “I think even if it’s only 5% at the end of the day, that market will then still be much bigger than it is today.”