Some companies have taken cryptocurrencies as payment for their goods and services to include them in their balance sheet. The CEO of ConsenSys said that institutional adoption had grown fast, showing a paradigm shift towards decentralized protocols.

Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, recently gave his opinion about the adoption of cryptocurrencies by financial institutions. He also expressed that he believes that old/fiat money would disappear as cryptocurrencies occupy a growing number of spaces.

The executive commented that a retail community had led the cryptocurrency space significantly. He recalled that there were initially some small hedging institutions that could make riskier decisions quickly. He noted that some of them dabbled with cryptocurrencies for some time, accepting them as payment for their goods and services.

However, the idea was to win business that allowed trading through crypto assets quite rapidly. In that sense, Lubin said that people can now see that institutions are taking cryptocurrencies as part of their balance sheet.

A Growing Number of Institutions Adopt Bitcoin and Other Cryptocurrencies

Lubin explained that an increasing number of traditional companies could join to use cryptocurrencies in their daily activities. In that way, they would also add cryptocurrencies to their balance sheet.

The CEO of ConsenSys pointed out that the pace of adoption among companies has grown very fast. He stated the paradigm shift towards a world working with decentralized protocols such as Bitcoin accelerated.

He considers that Michael Saylor has done an excellent job promoting the uses of Bitcoin and other cryptocurrencies. Besides, he believes that this has favored the adoption of crypto assets among many people. For that reason, even some institutions are planning to invest in them to include them in their balance sheet.

JPMorgan and Goldman Sachs Are in Line with Cryptocurrencies

Joseph Lubin thinks that entities like JPMorgan and Goldman Sachs seek to enter the cryptocurrency ecosystem. Nevertheless, he stressed that they would not be able to do that easily since there is massive regulation on banking institutions. For that reason, the former has already said no to purchasing crypto assets, arguing that investing in them would be a mistake.

However, Lubin believes that the cryptocurrency fever is still underway, and new institutions emerge. That is especially true now that that old money is dying or disappearing quite significantly, as cryptocurrencies occupy a growing number of spaces. In addition, he said that this new and more solid money would be ultrasound, and its value would grow exponentially.

The co-founder of Ethereum stated that this is the end of a cycle of significant monetary debt and a regime going along with old/fiat money. He said that it is not performing well, and there are many reasons to stop trading with it.

In September, Joseph Lubin expressed pride in Bitcoin and Ethereum since he considers their conception immaculate. He agreed that those cryptocurrencies are different but go in the same direction: decentralization.

Bitcoin is trading at around USD 53,504, while Ethereum is worth approximately USD 4,227. They reached their respective all-time highs of USD 69,044.77 and USD 4,878.26 on November 10th, according to CoinGecko.

By Alexander Salazar

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