President-elect Trump’s recent backing of cryptocurrency and Bitcoin’s latest highs are raising hopes that crypto is finding favor with the financial mainstream. Jerry and John consider what FinServ firms need to know to address this.
With Your FinServ Tech Oracles:
• John Burke, Nemertes CTO
• Jerald Murphy, Nemertes Senior VP of Research + Consulting
FinServ Tech Oracles – a weekly video series for FinServ technologists. We talk about the latest technology trends that affect financial services firms (in our best imitation of the Oracles of Delphi…) Brought to you by Nemertes.
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Air Date: November 19, 2024
Topics: #finserv #financialservices #cryptocurrencies #bitcoin #stockmarket
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Nemertes:
date 2024-11-19 16:25:24
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Resurgence in Popularity of Cryptocurrency – FinServ Tech Oracles 58
In the latest episode of FinServ Tech Oracles, CTO John Burke and colleague Jerry Murphy discuss the surprising resurgence in popularity of cryptocurrency, particularly Bitcoin. With the election of Donald Trump as the new US President, the value of Bitcoin has skyrocketed, reaching an all-time high of over $80,000. This surge is attributed to the expectation that Trump’s administration will loosen regulations on cryptocurrencies, making it easier for trading and speculation to flourish.
Jerry Murphy, a colleague of John Burke, believes that this will lead to increased speculation in the market, causing wild price swings not only in Bitcoin but also in other speculative currencies. He warns that the lack of regulation will lead to massive speculation, similar to the Gold Rush, but without the gold. He advises financial service companies to avoid recommending cryptocurrencies and instead focus on facilitating and exchanging them. He also suggests that individuals should protect their financial assets by keeping cryptocurrencies in isolation and avoiding betting on potential future price increases.
John Burke agrees, warning that the recipe for disaster is financial firms’ irresponsible investments and trading in cryptocurrencies. He emphasizes that buyers should be cautious and not assume that the value of cryptocurrencies will increase indefinitely.
Overall, this episode of FinServ Tech Oracles highlights the potential risks and challenges of the growing popularity of cryptocurrency, particularly in the absence of regulation. It also provides valuable insights for financial service companies and individuals looking to navigate this complex and rapidly evolving landscape.
