Banks are likely "afraid" of bitcoin and blockchain, a wealth advisor said today.
Preiss, according to the publication, said:
As for why investors are interested in the cryptocurrency, Preiss suggested that it had to do with fears around the US Federal Reserve and concerns about the integrity of its balance sheet after years of supporting global markets.
"The concerns are about the fractional reserve banking system, and the balance sheet of the Federal Reserve at $4.5 trillion, where the Fed officially refuses an audit," he told CNBC. "On the other hand, on the bitcoin blockchain, you have an audit everyday because it's open-sourced."
Press' supportive comments stand in sharp contrast with Dimon's, who predicted in 2015 that bitcoin would fail. Others, in recent days, have cast a critical eye on the overall cryptocurrency market, with Ray Dalio, founder of the world's largest hedge fund, remarking earlier this week that "bitcoin is a bubble."
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.