Private Banking Exec Believes Bitcoin is Still In A Darwinian Stage

Julius Baer, the private banking company based in Switzerland has just had one of its top executives say that cryptocurrencies are still in a Darwinian stage.

In a recent interview with Arabian Business on 29th October, the chief strategist and head of research and investment solutions, Christian Gattiker-Ericsson made the point that:

“We are still in this Darwinian selection process where different business models get tried and tested, but we haven’t seen something that was a clear winner.”

Digital Gold

The chief exec went onto further claim about the state of the new asset-class, indicating that several cryptocurrencies “still struggle with the fact that they have limited or plateauing supply patterns, which actually make them more like gold than a currency”.

In an apparent divergence from the decentralised ethos that spurred the invention of digital currencies like bitcoin, Gattiker-Ericsson went onto say that innovators would have to “transfer the trust” that is “inherent in a currency, central banks and governments” — and transpose this into “the virtual, decentralized world.”

On top of this, the exec characterised blockchain tech as a brand new world, citing that Julius Baer was looking into the possibilities and acknowledged that it will “possibly change the rules of the game.”

However, before we go any further, it’s worth noting that we are not financial investors and this isn’t financial advice. So please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

Changing Paths

The news outlet notes that the former CEO of the Swiss banking firm, Bernhard Hodler had likened digital currencies to gambling back during an interview last year.

However, despite the emphasis at the time in that the bank was not advising its customers to speculate in the area, the company has gone in a different direction. They recently announced plans to provide clients to digital asset services through a partnership with a Swiss crypto bank Seba Crypto. 

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!