What crypto (still) gets wrong
Hypocrisy is everywhere with crypto and the banks
https://www.ft.com/content/aaa68b96-e1cd-4366-a12d-b79c22a90ab7
FT’s Jemima Kelly:
“… when something is backed only by belief, you want as many believers as you can get. But this does rather give the game away about what motivates people to be on “Team Bitcoin”.
The institutional investors entering the market do not believe bitcoin is the future of money, nor that it will revolutionise and overthrow the financial system; these companies are the financial system. They buy bitcoin because they calculate they can eke out extra returns by doing so”.
https://www.ft.com/content/aaa68b96-e1cd-4366-a12d-b79c22a90ab7
FT’s Jemima Kelly:
“… when something is backed only by belief, you want as many believers as you can get. But this does rather give the game away about what motivates people to be on “Team Bitcoin”.
The institutional investors entering the market do not believe bitcoin is the future of money, nor that it will revolutionise and overthrow the financial system; these companies are the financial system. They buy bitcoin because they calculate they can eke out extra returns by doing so”.