Daniel Masters Dismisses Leakage Due to Crypto Market
Daniel Masters Predicts Big Things Ahead for Cryptocurrency Market
As if we needed another prominent personality to tell us that Bitcoin and the rest of the cryptocurrency market will grow significantly in size, Daniel Masters has come forward with his own prediction. Daniel currently works at Coinshares as chairperson of their digital investment branch and also as lead investment officer at Global Advisors. Recently, the former JPMorgan employee told Bloomberg that DLT is revolutionizing peer-to-peer transactions much in the same way as the internet facilitated the rise of truly fair and unbiased news. While this last point is quite debatable, I think you get what he's trying to convey.
Although this analogy and explanation might not be the most thought-provoking one, Daniel Masters did use the word revolution to describe the crypto movement:
“That’s at the core of what makes this a revolution."
Issues with Leakage
In response to a question about the possible leakage in the global fractional reserve monetary system, Daniel Masters stated that cryptocurrencies are not currently contributing to leakage in that area. Notably, the term "leakage" here refers to the fact that only a percentage of a bank's holdings are actually backed by assets. Daniel continued his analysis by pointing out that digital currencies and their market merely existed in a "regulatory sandbox" for several years, until of course reaching record-level highs in December 2017.Referring to the minuscule size of the crypto market before 2017, which was in the range of $1 - $10 billion, Daniel Masters rightly asserted that the size was "almost experimental in the scope of the main financial system.” However, once the crypto market started approaching the $1 trillion mark, it managed to gain the attention of centralized financial institutions and regulatory authorities around the world.
Even 5% could be Huge
Continuing his commentary on leakage, Daniel remarked:
“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...[it is not a] fight to the death between crypto and the USD/GBP legacy financial system...[moreover,] what portion of the total financial ecosystem accrues to cryptocurrencies...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.”Even though what Daniel Masters has stated here is far from profound or unique, this type of analysis from a notable figure in fintech does tell us that the cryptocurrency market is definitely here to stay and its grip on power and influence is only getting stronger by the day.
Posted from my blog with SteemPress : https://cryptocoremedia.com/daniel-masters-crypto/