Daniel Masters, who previously headed the JPMorgan department for energy trading, said that the cryptocurrencies lead to a financial revolution. This is reported by CCN.
Masters is the head of the investment digital bank Coinshares.
He said that distributed ledger technology ensures the democracy of transactions: "That’s at the core of what makes this a revolution" Masters said.
He also believes that cryptocurrencies are not a significant channel for "drainage" of resources from the traditional monetary system. At least for now.
Masters believes that a cryptocurrency ecosystem with a size of 1 to 10 billion dollars, is practically an experiment within the main financial system.
However, when cryptocurrency marked reaches a volume of about $ 1 trillion, it becomes something that central banks and authorities can not ignore.
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.
Former head, JPMorgan department for energy trading
Masters manages more than 800 million dollars in cryptocurrency assets in Bitcoin, Ethereum, Zcash and Monero. At the same time, Masters owns Bitcoin since 2012.