Tags: cryptocurrencies | bitcoin | mainstream | finance

Cryptocurrencies Are Now Part of Mainstream Finance

Cryptocurrencies Are Now Part of Mainstream Finance
(Dimarik16/Dreamstime)

By
Thursday, 19 July 2018 11:24 AM Current | Bio | Archive

It’s now becoming impossible to overlook the fact that cryptocurrencies are part of mainstream finance.

Digital currencies are capturing our attention more than ever before during this fintech age. Major cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin and Dash are being propelled into the conventional world of finance at breakneck speed - whether crypto critics like it or not.

The Financial Stability Board (FSB) recently released a report which concluded that Bitcoin and other digital currencies do not present a material risk to the global financial system.

The findings by the international regulator go directly against what many finance traditionalists have argued is one of the principal ‘threats' of digital currencies.

Coupled with the world’s largest and most influential cryptocurrency, Bitcoin climbing the 50-day moving average earlier this week for the first time in almost two months, increasing its price to over $6,700, these are two key factors underscoring the escalating prominence of cryptocurrencies within mainstream finance.

It is now undeniable, to my mind, that cryptocurrencies are the future of money.

Furthermore, the report follows the FSB – headed up by Bank of England governor Mark Carney – writing a letter to the G20 finance ministers and central bank governors earlier in 2018, affirming that Bitcoin does not present a ‘systemic risk’ to the global financial system.

This is, irrefutably, further endorsement of cryptocurrencies from the Financial Stability Board, which has members from all the major G20 economies.

The FSB report comes after an increasing number of global financial institutions, major corporations and household name investors are now using and investing in digital currencies and blockchain, and as crypto regulations across the globe are becoming more rigorous.

It was reported this week that billionaire investor, Steven Cohen invested money into a hedge fund concentrating on cryptocurrencies and blockchain-based organizations.

In addition, according to London’s Financial News, a BlackRock Inc. team is looking into the crypto market and blockchain. Larry Fink, chairman and chief executive officer at BlackRock stated: “As I have said in the past, we’re very excited about blockchain technology.”

Elsewhere in Europe, the owner of Switzerland’s securities exchange in Zurich stated it is establishing a platform for trading digital assets.

Furthermore, the CFA Institute, whose demanding three-level program has helped train over 150,000 financial professionals, is including topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time in 2019.

I’ve been pushing the message throughout this year that cryptocurrencies are now part of mainstream finance.

In May, deVere carried out an international survey which revealed that 35 per cent of high net worth individuals have already invested in or intend to make investments in cryptocurrencies before the end of the year.

The findings show that these individuals are ever more unable to disregard the massive potential of cryptocurrencies.

Awareness of the value, need and demand for digital currencies in this fintech-driven era is soaring. Regardless of the viewpoint of traditionalist crypto cynics, the world of money has profoundly changed, and digital currencies are the future.

As such, the proactive, upbeat research by the FSB into the crypto sector should be applauded as yet another example of digital currencies taking their rightful place in mainstream finance.

Nigel Green is founder and CEO of deVere Group. One of the world’s largest independent financial advisory organizations, de Vere does business in 100 countries and has more than $12 billion under advisement.

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
NigelGreen
It is now undeniable, to my mind, that cryptocurrencies are the future of money.
cryptocurrencies, bitcoin, mainstream, finance
567
2018-24-19
Thursday, 19 July 2018 11:24 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved