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Fintech CEO: Jack Dorsey’s Bitcoin prediction comes before custody Diverse

When Bitcoin collapsed and lost $ 10,000 over a 24 hour period, Salvadoran President Bukele bought the decline. Public. On twitter. Despite the rejection of people like the economist Peter Schiff. His announcement simply said, “El Salvador just bought the dip! 150 coins at an average USD price of ~ $ 48,670 #Bitcoin ”

“The interesting thing about President Bukele is that he is betting his entire political future on his Bitcoin Gambit. However, this slump doesn’t seem to be based on more than a general fear of the new variant of the coronavirus. So if you’ve already bet a lot on Bitcoin, it makes a lot of sense to double down on such an opportunity. History will decide how we see President Bukele, but it seems clear that he is interested in building a culture of innovation around blockchain technologies, digital assets and Bitcoin, ”said Richard Gardner, CEO of Modulus, a US American developer of ultra-high performance trading and surveillance technology that powers the global equity, derivatives and digital asset exchange market.

“Culture is important in technology. There are many ways to build this culture. One of them is through the press. But most look past the headlines. What is the regulatory or complementary commitment to make your tech industry thrive? In this case, buying the dip carries a political risk and Bukele moved forward anyway. It is in line with his introduction of a Bitcoin mining operation that uses geothermal energy. The culmination of these efforts is likely why crypto investors from Europe traveled to El Salvador to learn more about what is happening there, ”Gardner said.

“We’ve been in the green since our last purchase, in less than 24 hours. You know, boomers, we have 44,106 ounces of gold in our reserves. Valued at $ 79 million, 0.37% less than last year. If we had sold it a year ago and bought #Bitcoin, it would now be worth $ 204 million, ”wrote Bukele on Twitter in response to a tweet from Peter Schiff who described the latest purchase as a“ waste ”.

“It is clear that digital assets will stay here. Central banks around the world are struggling to develop, test, and issue their own digital currencies. El Salvador and Bukele take a different path than many other countries. It is certainly more aggressive than most. However, most of us in the industry expect that digital assets will really change the way we interact with the financial system. Even institutional investors and former naysayers like Kevin O’Leary rely on cryptocurrency as part of their investment portfolio. Building a technology culture, however necessary, may well pay off for Bukele’s country in the future, especially when it comes to international investment, ”said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the most profitable digital asset exchanges in the industry, including a well-known multi-billion dollar cryptocurrency exchange. For the past twenty years the company has developed technology for the world’s most famous institutions, with a list of clients including NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo! , Microsoft, Cornell University and the University of Chicago.

“Right now, one of the biggest concerns that needs to be addressed in order to ensure a positive crypto future is in the custody room. If providers are valued with significant security vulnerabilities running into billions, this is problematic. I think the custody situation will resolve itself over time. Eventually, a fintech company with a history of innovation and security will emerge, offering investors and exchanges another way to protect their assets. This is one of the last elements required for cryptocurrencies to reach their true and full potential, “said Gardner.

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