JP MORGAN VETERAN DANIEL MASTERS EXPLAINS HOW BLOCKCHAIN WILL END COMMERCIAL BANKS

JP MORGAN VETERAN DANIEL MASTERS EXPLAINS HOW BLOCKCHAIN WILL END COMMERCIAL BANKS

JP MORGAN VETERAN DANIEL MASTERS EXPLAINS HOW BLOCKCHAIN WILL END COMMERCIAL BANKS (1)
JP MORGAN VETERAN DANIEL MASTERS EXPLAINS HOW BLOCKCHAIN WILL END COMMERCIAL BANKS (1)
  • A cryptocurrency chief predicted that the next biggest company in the world will be one built on blockchain – and it will be based in Asia, not the US.
  • Crypto regulations are a lot clearer in Asia, whereas uncertainty in the United States does not help consumer confidence and discredits the overall industry, Ben Weiss, chief operating officer at CoinFlip, said.
  • “I haven’t heard any specific plans from Biden, or anyone, on Bitcoin regulation, but there needs to be sensible regulation,” Weiss said. “There needs to be regulatory clarity, because the US is losing the blockchain battle right now to a lot of different countries.”
  • He believes any presidential candidate who is pro-crypto will win the youth vote for the next 15 to 20 years. 
  • Visit Business Insider’s homepage for more stories.

The next Apple or Amazon will be a blockchain company based in Asia, not the US, according to Ben Weiss, chief operating officer at CoinFlip, the world’s biggest Bitcoin ATM operator. 

That’s because the US still doesn’t have the regulatory clarity required for the crypto industry to grow and innovate, Weiss told Business Insider in an interview on Tuesday.

Compared to Asia, where regulations are a lot clearer, the US does not have well-defined rules that could boost confidence in digital currencies and help legitimize the crypto industry. Weiss specifically touted Singapore as the potential home to the next biggest blockchain company in the world.

After having jumped about 46% this year, Bitcoin was trading at $12,338 on Wednesday. Weiss expects the price to hit $13,500 in the near-term. The US government has basically ignored Bitcoin over the last few years, and they’re going to have to address it at some point, he said.

The crypto chief said regulations in the US are required not just to protect consumers, but to spur innovation as several institutional and retail investors realize the risk of not having some amount of bitcoin in their balance sheets.

But despite growing interest in the digital currency space, there is still a lot of uncertainty around the crypto industry, as US regulators and trading authorities have not issued any updated policies or guidelines ahead of the November presidential election. 

Weiss believes buying Bitcoin is one of the most political purchases an investor can make, as it’s the most democratizing and inclusive financial revolution.

Democratic presidential candidate Joe Biden, who is currently ahead of President Donald Trump in the polls, has no particular stance on Bitcoin or cryptocurrencies, although he has supported financial innovation.

“I haven’t heard any specific plans from Biden, or anyone, on Bitcoin regulation but there needs to be sensible regulation,” Weiss said. “There needs to be regulatory clarity, because the US is losing the blockchain battle right now to a lot of different countries.”

Weiss believes any presidential candidate who is pro-crypto, whether in this election cycle or the next, will win the youth vote for the next 15 to 20 years. “I’m surprised no major presidential candidate has gotten fully behind Bitcoin yet,” he added.

Source: https://markets.businessinsider.com/currencies/news/next-big-tech-giant-blockchain-based-crypto-expert-2020-10-1029705362#

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