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BLOCKCHAIN JAMNAURACRHY 22001188
holds that token. It’s a trend, ...I think the Federal Reserve sees it coming. It’s going to happen.
I think it creates a much more purely ef cient market. It’s a democratic system so I don’t think there is going to be a new Wall Street, I think it’s going to be [decentralized]. It’s scary though for establishments like Wall Street to look at this and , they’re scared.
...[T]here’s always going to be the need for trusted entities to be the issuers of these assets because it all comes down to trust... The thing with bitcoin is that it’s purely autonomous and people are a little bit skeptical of it because they’re like, “Well who’s controlling “the monetary policy?” and the answer is the market. You know, the users of the network are controlling it and that’s why you see such volatility, right? Because the traders love it, they can go in and trade the up trends and the down trends.
As long as there’s volatility, traders are making money, I think there is still going to be a place for central authorities to add value. But that’s going to be the pressure—is for them to prove that they’re adding value. Not, you know, bureaucracy masquerading as process.
... I’ve been around the world now for IBM talking to 20 plus central banks, and I had a really interesting conversation with one of them recently in Asia. We’re in the room with deputy director level people who are responsible for things like the KYC money laundering policy and the economics and monetary policy and things like that. One person said, “You know, we’re really torn between two equally unacceptable decisions. One is to ignore cryptocurrencies altogether, and the other end of the spectrum is to make them illegal, to ban them.” I thought it was poignant that they see those as unacceptable, they have to do something in the middle.
...The ow of information globally in real time has been around now for a while and it’s about time it came to money. The Internet of Money is a term I’ve heard. It’s just unavoidable.
The CUBE’s interviewer, John Furrier, noted:
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