We at Intercoin are pleased to see more and more hedge funds managers or banks investing in cryptocurrency and blockchain startups. What do you think is the reason for that?
Do they want to make sure they don’t miss out on the next evolution of money?
The Rothschild Investment Corporation (total value of assets $1.4 billion) bought $235,000 worth in Bitcoin and it’s not the first case we’ve seen this month.
Many banks still reject the idea of working with digital currencies and some of them even refuse to open a bank account for crypto players, even though many of them have blockchain working groups, and they’re very active in investigating the potential of the technology.
Why is that?
All banks have to take this technology very seriously as Central Bank Digital Currency (CBDC) implementations are around the corner. Especially after Central banks and BIS published the first CBDC report laying out key requirements. ( https://www.bis.org/press/p201009.htm)
It looks like they began to understand that if they don’t start incorporating some of these new technologies into their business model they won’t be able to survive in the new digital currency world. One of the reasons iTunes, Bloomberg, Pandora or The New York Times thrived, was because they embraced the new technology rather than fighting or denying the threat.
What are your thoughts on this topic?