Banks are Afraid of Bitcoin and Blockchain

October 14, 2017

Banks are Afraid of Bitcoin and Blockchain

Rainer Michael Preiss, the Executive Director of Singaporean company Taurus Wealth Advisors, expressed his opinion about the correlation between banks and bitcoins in an interview with CNBC in connection with the recent comments of Jamie Dimon, the chairman of JPMorgan, who had called bitcoins 'fraud'.

"If you manage a large bank, you'll very likely be afraid of blockchain and bitcoins," said Rainer Michael Preiss. 

Apart from it, he opined about the reason why recently depositors of all levels had taken an interest in cryptocurrency. Namely, Preiss supposed that it is connected with anxiety about the US Federal Reserve System and its balance sheet after many years of supporting of global markets.

"The case is that the US Federal Reserve System officially refuses to deal with auditing, while bitcoin auditing may be made daily, as it is an open source," he added.

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