Former Goldman Sachs banker explains why Wall Street gets Bitcoin wrong

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John Harr, a former asset manager at financial institution Goldman Sachs, believes that the lack of support from “old fund” Bitcoin (BTC) stems from a misunderstanding of the cryptocurrency.

Haar’s views were expressed in Sunday’s article, which was originally sent to private clients of the Bitcoin brokerage platform Swan Bitcoin. Harr previously spent 13 years at Goldman Sachs, a Wall Street asset management giant, before joining Swan Bitcoin as managing director of private client services in April 2022.

The article shows that people in the field of “old finance” not only fail to understand what they consider to be one of Bitcoin’s core principles, but the idea of ​​healthy money is also lost on them in general, which Harr says leads them to negative views of the cryptocurrency:

“After many conversations, I can say that if there are people in the old finance field who have a well thought-out position on why Bitcoin isn’t a good form of money or why Bitcoin doesn’t work, I won’t be able to find them.”
Har indicated that he became interested in Bitcoin in 2017 based on the hype he saw in the traditional media about it.

He believes that the history and fundamentals of Bitcoin made him excited to discuss it with anyone, adding that Bitcoin “improves gold’s shortcomings.”

On the other hand, Har notes that the negativity from Wall Street is the result of six different reasons that stem from a lack of research on bitcoin and an understanding of history. He acknowledged that learning about the Bitcoin dictionary and its underlying principles is a “daunting task,” but people in the old finance field do themselves no favors by pretending to understand them:

“It is much more common for one to pretend to be well-versed in a particular topic and to take a strong opinion regardless of one’s basic knowledge – this is especially true of a topic that touches the investment world.”
It is also believed that conditioning through government central planning, people generally follow the consensus, and only think of its application in developed countries, and the desire to maintain the status quo are also contributing factors. These last four sides, Har said, conspire in various ways to serve as a shield for legacy finance to stand behind in defense of financial systems that already exist.

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Harr adds that “there is nothing inherently bad about these things,” but notes that these behaviors prevent people in old finance from becoming independent thinkers and early adopters of new technology.

He also noted that people working in inheritance finance are often highly specialized in their field, which he suggests tends to give these people a tunnel view of their own world:

“They make a living by knowing the details of their corner in the financial services sector. There is little incentive for them to examine the fundamentals of the system.”

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