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Another Bank Goes After Bitcoin

Markus Mueller of Deutsche bank attacked cryptocurrency.

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By Mason Mohon | UNITED STATES

Markus Mueller, global head of the Chief Investment Office at Deutsche Asset Management has warned against getting involved in the world of cryptocurrency.

In an interview with Bloomberg, the prominent banker warned that there is a massive risk when it comes to investing in Bitcoin. He said that it should be “only for investors who invest speculatively.”

He also made the statement that it is in the developmental stages, but he sees potential as long as regulation comes along, along with some sort of system of liability and documentation comes along. While he is right that it is the early stages, he seems to be missing the point.

Cryptocurrency, which started with Bitcoin in 2009, is about decentralizing the process of exchange. It means we do not have to trust whoever is on the other side of a trade or any third party. Rather, we only must trust the system.

So while we do have a long way to go, Mueller seems to be trapped in the old way of thinking – that the world needs some sort of central authority. This is probably because he is a member of the banking world, and while he may not notice it, his world is threatened by the crypto world.

It is no wonder that these financial experts constantly warn against Bitcoin and its lot. It says there is no need for them, and that change is coming. Mueller is not the first, and he will not be the last.

Nothing can stop a technology as revolutionary as Blockchain. It is only a matter of time before it is adopted worldwide.

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