MASTERS AND THE RISE OF THE CRYPTOCURRENCY MARKET
Major investors have all weighed in Bitcoin, and most agree that it is a disruptive technology that is likely going to change the economic landscape forever. Bitcoin was the first in a series of cryptocurrencies that have taken the world by storm. Most recently, Daniel Masters who ran the global commodities trading at JP Morgan Chase, has come to believe that cryptocurrencies can challenge the centralized fiat government issue currencies that have dominated the economies of every country on earth for the past 100 years.
Daniel Masters of JP Morgan Chase Believes Cryptocurrencies Can Challenge Fiat Currency
Masters ran his own hedge fund in 1999, but as 2015, the traditional commodities market became less volatile, and far less profitable. He became fascinated by the prospect of cryptocurrencies which are themselves commodity money. With the rise of Bitcoin and Ethereum, and the blockchain technology that renders them beyond the capacity to counterfeit, Masters recognized an opportunity for investment that was both volatile and profitable. Masters believes that cryptocurrencies will become a huge and perhaps indispensable market force in the coming decades. Says Masters of cryptocurrency:
“The vital thing to understand is that the momentum and the scale that you have in some of these public blockchains essentially means that it’s going to be near impossible to build any of this big technology on any other kind of platform.”
Masters sees a future in which large arenas of trading including commodities, stocks and bonds, precious metals, and even money itself can be tokenized and digitized using cryptocurrency tech.
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