Bitcoin
$64,308.50+1.44%
Ethereum
$3,094.48+1.00%
Binance Coin
$560.83+1.95%
Solana
$144.08+2.83%
XRP
$0.50698428+0.93%
Dogecoin
$0.15402329+1.46%
Toncoin
$6.18-5.79%
Cardano
$0.47252200+3.79%
Shiba Inu
$0.00002290+0.47%
Avalanche
$35.20+0.68%
Wrapped Bitcoin
$64,467.49+1.57%
Tron
$0.11051423+1.16%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
00
DAYS
22
HR
32
MIN
49
SEC
Markets

Westpac CEO: It's Too Soon to Panic About Bitcoin

The CEO of Westpac Group, one of Australia's 'Big Four' banks, has claimed it is "too soon" to panic about bitcoin.

By Grace Caffyn
AccessTimeIconSep 8, 2015 at 3:52 p.m. UTC
Updated Sep 11, 2021 at 11:51 a.m. UTC
westpac logo
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The CEO of Westpac Group, Australia's second-largest bank, has claimed it is "too soon" to panic about bitcoin and blockchain technology.

At a strategy briefing in Sydney yesterday, Brian Hartzer said the future of the technology – which has a number of "limitations" – is currently uncertain, the Sydney Morning Herald reports.

He added:

"I think it is a bit too soon to panic about it. It is potentially quite powerful from an efficiency point of view. It is one of the things we are keeping an eye on."

In June, the bank went public with details of its current proof-of-concept with Ripple Labs, which will see it test out low-value transfers overseas. Reinventure Group, a VC fund backed by Westpac also took part in Coinbase's $75m Series C in January.

In his speech, Hartzer – who took the role in February – pointed to a 20% increase in spending on technology and efficiency at the bank in the coming years, bringing its total spend to around $1.3bn.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, 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.