The CEO of a British bank feels that stablecoins, CBDCs, and even non-fungible tokens (NFTs) will certainly overtake cryptocurrencies in the near future. However, as per Standard Chartered CEO Bill Winters, while Bitcoin (BTC) and other Altcoins will continue to play an important role in the money system, other virtual assets such as Central Bank Digital Currencies (CBDC) or Non Fungible Tokens (NFT) will likely surpass crypto in the long run.
Winters, addressing a Standard Chartered teleconference, repeated the “cryptocurrency is here for the long run” story and stated that non-fiat currencies have a role to play in light of worries about inflation. “Generally speaking, we’ve been in a long time of declining inflation, and we’ve got banking systems that are dabbling in unknown territory with extremely loose monetary policy,” Winters said, adding that it’s “entirely sensible” for users to want something other than fiat currency.
Standard Chartered Joins GDF
While the discussion over whether fully autonomous digital currencies are more helpful than managed digital currencies continues, Winters argues that the market will ultimately decide. According to him, “if there is a place for such assets in the industry, there will be a function for us in supporting that, always subject to legal safety barriers.”
Winters’ bank is well-known for taking a supportive stance toward cryptocurrencies and digital products in general. Standard Chartered joined the Patron Board of the Global Digital Finance (GDF), a membership organization for the cryptocurrency and electronic finance industries, earlier this month. As previously reported, as a member of the GDF, the bank will assist in advocating for digital assets by engaging with global regulators, legislators, and many others in the industry on a global scale.
Standard Chartered Teams Up with BC Technology Group
According to reports, the British institution also intends to establish a cryptocurrency exchange. According to a report published in June, Standard Chartered has teamed with Hong Kong exchange operator BC Technology Group to build a platform for the corporate market in the U.K and European Union countries.
In a recent interview, Orlando Bravo, co-founder of multibillion-dollar private equity group Thoma Bravo, voiced optimism in the future of cryptocurrencies, saying, “Crypto is simply a fantastic system.” It’s completely frictionless. It is a decentralized system. Furthermore, young people aspire to create their own financial sector. As a result, it is here to stay.”
Billionaires Prefer Bitcoin To Gold, And Also Commends ETH
Following JPMorgan CEO Jamie Dimon’s recent claim that Bitcoin (BTC) is useless, two prominent billionaires have defended it, but both claim Ether (ETH) has more desirable features. Mr. Sternlicht claimed he is hoarding Bitcoin since every country in the “western world” is printing unlimited sums of money during a Squawk Box interview on CNBC on Wednesday. “Gold is worthless, as is silver. My Bitcoins are worth so much because the US and every western country is producing money forever,” he stated.
On Wednesday, $4.3 billion Dallas Mavericks owner Mark Cuban said the same thing on CNBC’s Make It. Cuban stated that Bitcoin is “stronger than gold” and that Ether has the “greatest upside” as an asset. Sternlicht favored Bitcoin above gold, but praised Ether as well. “Bitcoin is a mindless coin that serves only as a store of wealth and is extremely volatile. If I’m looking for something more sensible, that’s my Ether.”