A cryptocurrency CEO and industry analyst has argued that many of those representing financial institutions are beginning to realize that the importance of blockchain technology is in fully distributed and open systems — such as Bitcoin.
Simon Dixon describes the current move of capital into crypto assets as potentially the largest wealth transfer event for centuries. According to the founder and CEO of crypto investment platform BnkToTheFuture, there has been a major shift in sentiment in the last couple of years with regards to the Bitcoin and wider digital asset space. Where once the narrative pedaled by many involved with the world’s largest banks and investment funds was strictly about “blockchain not Bitcoin,” the reverse seems to be true today.
Dixon identifies the social networking giant Facebook’s recently-detailed digital currency project as a catalyst for even more people to get onside with the flipped sentiment. He states that the firm’s decision to explicitly call it a cryptocurrency, rather than a blockchain-based system or similar, is very telling.
The banks were wrong and now they know it. Any banker that does not own $BTC #Bitcoin is likely to be on the wrong side of what I believe maybe the largest wealth redistribution in centuries. https://t.co/ulrrAH2Zd3
— Simon Dixon (@SimonDixonTwitt) June 21, 2019
Dixon also stated that those with a heavily vested interest in the fiat financial system, such as “banksters,” will be those most likely to be caught on the wrong side of the shift. Mentioning Facebook, Fidelity, and Intercontinental Exchange (ICE), Dixon also argues that those embracing the new asset class and making their own strategies to serve the space are likely to do very well out of such a wealth transfer event.
Also in the “Fireside Chat” style musings presented via Twitter, the CEO urges those investing in digital assets today to take at least one hour to sit down and fully understand the monetary policy of a scarce asset class such as Bitcoin. He argues that those not fully understanding the economics of Bitcoin are that lost money during the 2018 bear market — transferring it to the faithful who have bothered to educate themselves enough to grasp the long-game mentality that has been beneficial to many investors in this space so far.
What do you think? Does the “blockchain not Bitcoin” narrative still carry any weight? Did it ever? Let us know your thoughts below.
Images courtesy of Twitter.