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Cryptocurrencies are now part of mainstream finance
Following the latest report by the Financial Stability Board (FSB) concluding that Bitcoin and other cryptocurrencies do not pose a risk to the global financial system, it is now impossible to ignore the fact that digital currencies are part of mainstream finance.
In addition, Bitcoin climbed the 50-day moving average earlier this week for the first time in almost two months, increasing its price to over $6,700.
This report by the FSB emphasises cryptocurrencies’ status as the future of money. If the international regulator has stated that digital currencies pose no risk to the global financial system, then the many traditionalists who argue to the contrary may have to change their viewpoint.
The FSB report follows a letter Bank of England governor Mark Carney previously wrote to the G20 finance ministers and central bank governors earlier this year, stating Bitcoin poses no ‘systemic risk’ to the global financial system.
It can, therefore, be viewed as an additional recommendation of cryptocurrencies from the Financial Stability Board – containing members from all G20 major economies.
This report follows an increasing number of major global financial institutions, major corporations and household name investors now working with cryptocurrencies and blockchain, and, of course, as global regulations are becoming more stringent.
Earlier this year, deVere carried out a survey of wealthy investors across the world, which found that 35 per cent will have exposure to digital currencies by the end of this year.
The results highlighted that HNW investors are becoming more and more unable to circumvent the massive potential of cryptocurrencies. As such, crypto awareness of the value, need and demand of these currencies is skyrocketing.
The crypto cynics are still out there, but the world of money will only move forwards, not backwards. As such, the Financial Stability Board’s proactive, upbeat findings into the cryptocurrencies must be advocated.
deVere is the only major independent financial advisory firm that has its own crypto offering for clients. This underscores once again how deVere is ahead of the industry and also perhaps why so many talented individuals want to come and work for us. Here, this short video, I set out the five key reasons why people should want to work in one of global network of offices.