Former JPMorgan VP defends bitcoin as an alternative to Brazil Risk
He wants to escape from ‚Brazil Risk‘ and stop losing money, so Profit Secret is his alternative, points out Andrey Nousi, former VP of JPMorgan
To his fellow chairman, Jamie Dimon, who „hates“ Bitcoin and is a fierce critic of crypto, former JPMorgan VP in Switzerland, Andrey Nousi, points out that cryptomeda is an important safe hedge.
Thus, in a videoconference held by QR Asset Management, cryptoactive manager, bitcoin is an option for those who „no longer want to be exposed to Brazil risk“.
„The advance of cryptomoeda is notorious. It went through a bubble moment in 2017 and 2018 and is now much better, once that irrational euphoria is over. And now it is being much more accepted even by big players,“ observed Nousi.
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The former vice president of JPMorgam completed that Bitcoin is one of the options to preserve the value of money, as well as gold and the dollar.
„When you no longer want to be exposed to Brazil Risk, you send your money out. Now, what will you do with that money? There are a lot of opportunities, like gold, dollar and bitcoin“, he said.
Among Bitcoin enthusiasts as a store of value there are those who say that BTC outperforms the dollar and gold as a safe haven, especially at this time of instability when central banks – including the American one – are injecting money into the economy, causing fiduciary currencies to devalue.
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But for Nousi, the American economy is still the strongest in the world, guaranteeing the dollar as a reserve asset.
„With the increase of the American public debt via cash injection, money spilled into the economy. The market looks and thinks ‚if you have a lot of paper supply, the tendency is this paper to lose value from now on‘. But the American economy is still the strongest in the world. I believe that the dollar would only fall in a scenery in which there would be an alternative“, he pointed out.
However, recent research shows that gold and the dollar are no longer as ’strong currencies‘ as before.
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Investments in gold have become less valuable, as has the purchasing power of an ounce of gold and $1 over time.
The data is from the World Bank, the GoldMoney and London Bullion Market Association (LBMA) trading platforms, and the U.S. Geological Survey.
However, despite the data, Nousi highlights that there are still knowledge barriers to mass acceptance of bitcoin and other cryptomorphs.
„One of the biggest problems for mainstream acceptance is knowledge. People don’t like to invest in what they don’t know. It has a strong work of education to be done. But from the moment that one understands the benefits that exist back there, it becomes clear the decision that it is something that came to stay,“ he concluded.