How a Top Investment Bank’s Chief Analyst Stood by for the Price of Bitcoin Stock
A top investment banking analyst has stood by the price of bitcoin for the past three months despite the cryptocurrency being under pressure from regulators.
On Friday, The Wall Street Journal reported that Peter Diamandis, CEO of investment bank Guggenheim Partners, was on a conference call with investors to discuss the possibility of a regulatory push for the cryptocurrency, according to the WSJ.
“Peter Diamantis, a prominent financial services investor and a longtime critic of the digital currency, has been a firm advocate of bitcoin,” the report said.
“His comments have continued to resonate despite the recent rise of bitcoin prices and have been echoed by other prominent financial and technology executives.”
“He is an advocate for a more robust regulatory environment that would make it easier for the technology and financial sectors to continue innovating in ways that are necessary to protect the integrity of the bitcoin protocol,” the WSJD report added.
Diamandas is an outspoken critic of bitcoin and has been outspoken in his criticism of the cryptocurrency’s use.
In April, he was reported to have said, “It’s not going to happen, it’s not a viable thing to do, but it’s a tool in the hands of a few.”
In July, he told The Wall St Journal that bitcoin’s “market cap is more like a house than a company.”
He also called the currency a “fraud” and “fringe” asset in a speech at the London Business School last year.
Dias was also a vocal proponent of digital currencies, and he has said in the past that the cryptocurrency could be used to provide “more transparency” and a “much safer” financial system.
“Digital currencies have tremendous potential to revolutionize financial markets, provide financial transparency and allow financial institutions to better control risks, which would ultimately benefit consumers and businesses,” Dias said in a recent speech.
“I believe they can and should be regulated in a way that helps protect both the integrity and freedom of the financial markets and the security and liquidity of the markets themselves.”
Dias is the second top investment banker at the bank, joining former U.K. finance minister Lord Rees-Mogg.
He has previously been an outspoken supporter of digital currency.
In an interview with The Wall Streeter, Dias explained that he believes digital currencies could help create “a much safer financial system,” according to The Wall Streets Journal.
“It’s a safe and secure way to conduct business,” Diamandsaid.
“It makes the financial system much safer and makes it much more transparent and more secure, and the digital currencies allow you to transact electronically, and it’s very, very easy to transfer money between parties and to do that digitally.
So I think digital currencies are going to have an enormous role to play in the future of finance.”
Diamands position on bitcoin and cryptocurrencies has been consistent.
In August, Diamandedit that he is “open” to regulating bitcoin and that he was “open to” using digital currencies for his own business.
“I am open to using cryptocurrencies to conduct my own business, but not to use them for money laundering or money laundering in any way,” he told the Wall Street Times at the time.
“That’s one of the reasons I’m open to the regulation of digital money.”
In August 2016, he also told Bloomberg that bitcoin was a “good store of value” that was a better store of wealth than gold and silver.
“As a matter of fact, I think it’s the gold standard,” Dios told Bloomberg.
“And I think as a matter as to why it’s been around for so long.
So it’s definitely a better storage medium for us, I guess, than gold.
And I don’t think it has any sort of significant monetary value.
I think if you put it in your pocket and you take it out, it doesn’t have any value.
But I think there’s a lot of reasons why it can be used for that.”
The Wall Street Papers and Diamanders views on bitcoin, cryptocurrencies and digital currencies have also been widely discussed on social media.
“What I think about cryptocurrencies, I actually like,” he tweeted last year in response to a question about digital currencies.
“They’re an alternative to fiat currencies.”
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