On Friday, 14th September, Jonathan Bixby, the Chief Executive Officer of Argo, a mining company stated that the demand for cryptocurrency has actually suffered from the bearish market but there is still hope for mass market adoption.
He stated that the affiliation of normal market users to cryptocurrencies is still in the early stages with a majority of them being early adopters. The CEO went on to say that the main problem that affects the industry is misconceptions with cryptocurrencies and blockchain technology. People just need to simplify and understand what the fintech industry is really about and that will solve almost all the insecurities related to cryptocurrencies, he said.
According to Bixby, the current market scare and the downturn is a reaction to what happened almost 10 years back, the Great Recession. The financial crash of 2008 was one of the most catastrophic market drops in modern financial history on par with the Great Depression. This week also marks the fall of Lehman Brothers, the financial giant that filed for bankruptcy and acted as a catalyst for the market implosion.
Jonathan Bixby said that the market crash acted as an example that centralized financial systems do have some faults and an overwatch is necessary. He also stated that one of the crux problems with centralized exchanges is the taxations and deliberate censorships. This fueled Bixby’s arguments with him pointing out the fact that Bitcoin [BTC] has censorship resistance as it is based on a decentralized system.
Additionally, he spoke about the regulations being placed on Bitcoin and other cryptocurrencies, focusing his words on the moves undertaken by the Securities and Exchange and appreciating some of the decisions. He stated that people need to understand what they are investing in instead of blindly following the herd.
Argo provides individuals with a cheaper option to mine cryptocurrencies, an operation that is based out of Quebec, Canada. Argo was also in the news recently when the mining firm raised $32 million in a London Initial Public Offering [IPO]. Bixby had stated:
“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
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