Says Bitcoin ‘is the pin to pop’ the world finance bubble
Leading economist and founding director of the Bitcoin Foundation, Jon Matonis, has spoken out to dispel “Bitcoin bubble” fears.
In an interview with Business Insider, Matonis reaffirmed his belief in Bitcoin’s future.
Mr. Matonis told the mainstream media publication that the suggestion of Bitcoin being a bubble is highly hypocritical.
Speaking from the Innovate Finance conference in London, the well-respected analyst said:
“To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble.
“The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks.
“Those are the bubbles.”
In recent weeks, Bitcoin’s downturn has led to renewed criticism that the cryptocurrency will crash.
Many mainstream outlets are speculating that December’s $20,000 high was typical bubble-like behavior, that it will not revisit.
In the months since the record-breaking values, Bitcoin has become considerably more technologically robust and user-friendly.
While market sentiment remains low, however, the traditional financial figures continue to declare the end of cryptocurrency.
Matonis sees the future of crypto as anything but over, though.
He believes it is becoming increasingly relevant in the real world economy, saying:
“I think it’s fabulous that (banks) are getting into it because it brings in new liquidity.
“…They’re going to develop futures markets, options markets – I even think you’re going to start to see interest-rate markets around bitcoin.
“We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor.”
The Bitcoin Foundation began in 2012 with the intention of propagating the expansion of cryptocurrency.
The organization’s stated mission is to: “standardize, protect and promote the use of Bitcoin cryptographic money for the benefit of users worldwide.”
Jon Matonis resigned from his position as Executive Director of the Foundation in October 2014.
At the end of the election cycle on 31 December 2014 he also stepped down from the group’s board of directors.