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Bitcoin [BTC] and other cryptocurrencies discussed by CEO of banking software firm

Priya

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Bitcoin [BTC] and other cryptocurrencies discussed by CEO of banking software firm
Source: Unsplash

David Arnoltt, the CEO of Temenos Group, one of the biggest firms specializing in software for banks, spoke about Bitcoin [BTC] and other cryptocurrencies and blockchain technology, during an interview with CNN Money Switzerland.

The CEO of Temenos said that banks across the world did not evolve much over the past 40 years because of the lack of competition. However, because of Google, Amazon and Apple’s entry into the market, banks have started to spend more money on digital transformation, especially Swiss banks.

Furthermore, David was asked whether traditional banks would collapse if they fail to hop on to the blockchain technology and Fintech bandwagon. He said that this could possibly occur and that it is difficult to predict the future of banks. This is because the structure of banks today have a considerable difference in comparison to the structure of banks 20 years ago.

David further added that the company supports blockchain but the technology does not have a drastic impact on their business. He said that they will be making announcements involving the cryptocurrency and blockchain space in the coming days.

The CEO stated:

“We are able to support a cryptocurrency. We have a lot of activity in my home town of Zurich actually, in terms of supporting alternative use of technology uses. We support distributed ledger technologies as well.”

He was further asked about how the company was planning to use cryptocurrencies and whether they will be choosing Bitcoin [BTC], Ethereum [ETH] or other cryptocurrencies in the market. David said that it is not the company that decides but the banks that make the call. The CEO believes that there is a role for banks in the cryptocurrency market including tokenization. David added that banks can be “very good custodian” for the space.

The CEO also spoke about the regulatory concerns of the market. He said:

“We are slightly on the fringes because at the moment we are waiting for the regulatory environment to be sorted out and until then certain questions are answered like automatic KYC checks and certain questions around the overall market. Temenos stands ready to support our n-markets and our n-markets are ultimately banks.”

He further added:

“If they can find a role supporting cryptocurrencies as a custodian or a value transfer agent, whatever that role might be, clearly it is with the level of R&D spend that we have. We spend more money on research and development than any other banking software company in the world. We will be there first and you will see some announcements in the next few days as well.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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