Сryptocurrencies are still at the Darwinian stage - chief strategist of Julius Baer


  • The chief strategist of the Swiss banking group shares his opinion about cryptocurrencies.
  • He believes that blockchain technology has good potential. 

Cryptocurrencies cannot compete with fiat money as they lack trust so far, according to Christian Gattiker-Ericsson, chief strategist of the Swiss banking group Julius Baer.

“It’s still a key topic. Someone needs to be able to transfer the trust that is inherency in a currency, central banks and governments to put this into the virtual, decentralised world,” he said in an interview with Arabian Business

We are yet to find cryptocurrencies use cases that can be attractive to the general public, according to  Gattiker-Ericsson. He believes that the industry of digital assets is at its early stages, while the assets themselves are at the stage of natural selection.

He emphasized that a lot of cryptocurrencies had limited supply. It makes them closer to gold than to money.

More broadly, blockchain technology has “a number of potential use cases” and can “change the rules of the game,” Gattiker-Ericsson added. However, this technology is also mostly experimental at this stage.

Earlier, the head of Julius Baer, Markets, Peter Gerlach, stated that the bank believes in the future of digital assets as a full and sustainable class of investment assets. The comments followed Julius Baer's plans to enter the cryptocurrency industry.

In a March 2018 Julius Baer CEO Bernhard Hodler compared cryptocurrencies to “gambling”. However, earlier this year tthe Swiss bank provided its customers with access to digital assets though a partnership with  SEBA Crypto AG. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP