GuidePedia

0
Rothschild and the US Federal Reserve will attempt to destroy Bitcoin and other cryptocurrencies, according to a top investor. Portfolio manager Steve Chiavarone has warned that banks and the Fed Reserve will try to shut down Bitcoin because it will not be part of US monetary policy.
rothschild wants to destroy bitcoin  according to top investor steve chiavarone


Chiavarone says that the top banks such as JP Morgan will want to crack down on Bitcoin, but take advantage of the blockchain technology behind the cryptocurrency.Bitcoin and other cryptos such as Etheruem, Stellar and Lite Coin are decentralized, meaning transactions take place from person to person.

This system is entirely different to the traditional banking system that has a bank as a "middleman."What is sometimes overlooked with cryptocurrencies is the technology that runs them.Blockchain technology is widely considered as the future of the internet as it can make servers obsolete, meaning people can store information without the security risks of hacking. 


The Federal Reserve can't control cryptocurrencies like Bitcoin “The currency itself isn’t a great medium of exchange, it’s not a great store of value. It has a fixed amount so the Fed would try to kill it at some point because they wouldn’t be able to engage in monetary policy,” Chiavarone said in an interview with CNBC. “ 

"But blockchain behind it, we think is more real than people are giving it credit."RT reports: Banks have admitted that blockchain can improve the efficiency of clearing and settlement, make cross-border payments faster and cheaper, significantly cut red tape and modernize customer identification systems.According to Chiavarone, the cryptocurrency market is dominated by greed, and it is the first sign of greed since the economic crisis of 2008, dubbed the "Great Recession."

“Investors wanted to be on the roller coaster in the ‘90s. They wanted high returns. They didn’t mind volatility,” Chiavarone said. “The Great Recession put the fear in a lot of folks and they wanted to go on the merry-go-round. Folks really want to get on that risk trade.”Banks are trying to convince the public that Bitcoin could follow the fate of Pets.com – one of the biggest dotcoms to crash when the tech bubble burst in the early 2000s, Chiavarone said.The cryptocurrency market was growing on Wednesday, with bitcoin trading above $11,000.


Read more at: http://www.theneonnettle.com/news/3640-rothschild-will-try-to-destroy-bitcoin-warns-top-investor

Post a Comment

 
Top