Bitcoin “too healthy” for the meanders of Wall Street – This former Goldman Sachs shocker

Bitcoin, a white dove? – By its complexity and his opacityno one (including the traders themselves) knows exactly what exactly is going on in the trading rooms of Wall Street. Quite a contrast with Bitcoin (BTC) which was designed to be transparent and incorruptible thanks to its code. A former member of the mega-bank Goldman Sachs warns about this violent culture shock coming.

A former banker converted to Bitcoin

In popular culture, Wall Street is sometimes associated with the term ” swamp “ (the Swamp). It must be said that the maze of these trades are tortuous and lack transparency.

In a letter sent to customers of the Swan Bitcoin crypto-brokerage platform, John Haar speaks out on the strong dissonance between Bitcoin and Wall Street. The latter happens to be a former asset manager of the multinational banking Goldman Sachs. In fact, as much to say that he knows well, very closely even, the old finance after 13 years in its ranks.

“I happen to be one of the growing number of people who have left traditional finance for the world of Bitcoin. (…) Throughout my time at Goldman, I had many conversations with my colleagues about gold, sound money, fiat money (…). My conversations with my colleagues about Bitcoin only started in 2017, after it hit the mainstream (…)”.

John Haar

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A scare of “sound money” on Wall Street

As good descendants of Keynesianismwhose current of thought has dominated the economy since the end of the Second World War, the actors of Wall Street instinctively reject which reminds them a little too closely of the principle of a sound currency. As was thegoldwhich they willingly disparage “barbarian relic”despite its thousands of years of good and loyal service.

“Digging a little deeper, I would say that folks in traditional finance generally don’t support Bitcoin for a combination of the following reasons:
1 – They don’t understand the history or fundamentals of money;
2 – They spent almost no time researching Bitcoin
. They just repeat the objections they’ve heard in the mainstream media;
3 – They have been conditioned to believe that central government planning, both fiscal and monetary, is necessary for the growth and stability of an economy;
4 – They are successful consensus followers, rather than independent thinkers;
5 – Their vision of the world is entirely centered on the developed countries, which have not experienced a monetary crisis or a totalitarian regime in recent memory;
6 – They want to maintain the current system, in which it is not possible to save money, and where it must, on the contrary, be invested. »

John Haar

Finally, this former Goldman Sachs executive has just perfectly summed up all the main problems here. To Wall Streetstudents of Keynesianism ignore everything (more or less voluntarily) of theaustrian school of economy. Indeed, their vision of money stops at the 75th anniversary of the dollar king. They seem to ignore that a countless currenciesabandoning gold (like the dollar in 1971) to gradually or suddenly become fiat currencies (from trust for ” trust “ in Latin), have perished throughout monetary history. Most often, by hyperinflation.

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