Bankers Might Not be as Clueless on Crypto as You Think, Says Analyst

Cryptocurrency naysayers associated with global finance may not be as misinformed about the industry as some observers might like to think. One popular analyst says those he encounters have researched crypto assets and often provide well-reasoned criticism.

However, others disagree, saying that there is a divide in the banking industry between those that don’t get it and are interested to know more and those that don’t get it and don’t want anything to do with it.

Bankers a Mix of Ignorant, Dismissive, Interested, and Critical of Crypto

Thanks to outbursts like those of JP Morgan CEO Jamie Dimon and billionaire investor Warren Buffet over the years, there seems to be a widespread belief around the crypto asset industry that people affiliated with the existing financial system are completely clueless about crypto. Dimon famously called Bitcoin a “fraud” without really saying why in September 2017 and Buffet later called it “rat poison squared” in a similarly amusing rant.

Such outlandish statements have been the subject of much ridicule and speculation in the crypto industry. Just how much research are they based on though? If they’re informed, are these and similar attacks based on a fear of an alternative system rendering the institutions they uphold obsolete, or do they have genuine criticisms? Of course, a lot of people like to stick with the assumption that bankers are just ignorant or stupid.

Crypto market analyst and partner at Castle Island Ventures Nic Carter believes that the banking industry is more informed than is popularly thought when it comes to crypto assets. In a recent post to Twitter, he describes his own interactions with bankers, saying that they have generally “done their homework”:

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