William Peets, Chief Intelligence Officer (CIO) and investment strategist says that financial institutions are underestimating the impact of cryptoassets.
Williams, who is the portfolio manager for digital assets strategies at Passport Capital, believes that blockchain is a generational change technology that will continue to have effects on the global financial system.
In an interview with Real Vision Finance published October 30th, Peets explained that current institutions are grossly underestimating the deflationary impact of cryptocurrencies like bitcoin.
He said,
Security issuance, tokenization of real assets, trading of those assets, custody-all those things can potentially be done in a more efficient manner with distributed ledger technology. And that shrinks the margins of the likes of a State Street or Northern Trust, or these traditional banks and incumbents, again, which is all deflationary.
William Peets continued saying:
What’s going on in the macro environment as it relates to indebtedness and the amount of debt that’s trading out and negative interest rates, it really starts to make you think about the current monetary system, and if that’s sustainable.
Picture Credit – William Peets Twitter