Bitcoin is the Pin to Pop the Bubble!
Each time prices begin to slide off course for Bitcoin, the inevitable naysayers and indoctrinated financial pundits, are quick to restate the old rhetoric that, Bitcoin is a bubble, and it's about pop. Contrary to this platitude, the Bitcoin Foundation's Jon Matonis has this to say:
Matonis is a researcher and crypto-economist with roots in traditional financial institutions. Matonis previously held senior positions with large institutions like Sumitomo Bank and Visa. He currently holds the position of Executive Director of the Bitcoin Foundation, whose mission is to "coordinate the efforts of the members of the Bitcoin community, helping to create awareness of the benefits of Bitcoin, how to use it and its related technology requirements, for technologists, regulators, the media and everyone else globally." Matonis is also a contributing editor to the major crypto-news publication, CoinDesk. Matonis' experience has led him to believe that the central banking system represents the true bubble:
Matonis argued, at the Innovate Finance conference in London, that the market is entering an age of 'post-legal tender', in which the central banks are NOT the driving force. Matonis believes it is cryptocurrencies, like Bitcoin, that will spearhead this shift. He pointed out an interesting note:
Surprisingly, Matonis is enthusiastic about the recent interest from Goldman Sachs, and other big banks, on entering the world of cryptocurrency, stating, "I think it's fabulous that they're getting into it because it brings in new liquidity.", adding further that this would help reduce volatility and ultimately help the market to mature.
Despite his eagerness for the inclusion of centralized banks to the space, he is not of the belief that crypto currencies should be regulated.
Matonis goes on to characterize Bitcoin as a "third model for a startup to raise funds", recognizing that "This is an entirely new model, and it doesn't fit in any of the regulator's boxes"