Jon Matonis, co-founder of the Bitcoin Foundation went on record proclaiming his assertive position on Bitcoin not being a bubble. The advocate also believes that the market is about to enter a ‘post-legal tender age’ fueled by decentralized cryptocurrencies such as Bitcoin.
‘The Pin That’s Going to Pop the Bubble’
Matonis, who sat on the board of Bitcoin Foundation for two years between 2012 and 2014 and is currently an executive director, maintains his firm, positive stand in an interview for the Business Insider.
In a rather conclusive, even Biblical way, Matonis refuses to acknowledge that Bitcoin is a bubble. Moreover, he openly names what he considers to be a ‘bubble’ at the current state of the economy:
The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.
Yet, despite his obvious and openly stated skepticism towards the currently existing financial system, Matonis finds big banks entering the crypto world to be largely favorable.
“I think it’s fabulous that they’re getting into it because it brings in new liquidity,” adding that it would assist to “mature the market and reduce volatility”.
Research and Diligence over Regulation?
Amidst this seemingly chaotic international regulatory landscape where countries are still figuring out the best approach towards handling the cryptocurrencies, Matonis is swimming against the current, denying the need for regulation:
“I think we should operate in an environment of caveat emptor, let the buyer do his research,” he said. “This hopefully has forced a lot of investors to do more research. No one is forcing them to invest in ICOs. If you’re worried about the risk, just walk away.”
However, we’ve already seen plenty of legislation taking proactive steps towards potential regulations. The UK has set up a task force to investigate the benefits and the risks of digital currencies, while Russia has prepped guidelines for ICO regulation.
Of course, the list doesn’t end there, but it goes to show that, contrary to Matonis’ anti-regulatory positions, governments across the world, regardless of how distinct and far-fetched their approach and vision may be, are unanimous about one thing: the crypto field has to be regulated.
At the time of writing this, Bitcoin trades at $7080,41, representing 5.55% increase in the last 24.
Do you think Bitcoin’s a bubble? Or do you agree with Matonis that it’s the exact opposite? Please let us know in the comments below!
Images courtesy of Bitcoinist archives, Shutterstock