The Museum of American Finance in New York hosted a fireside chat with Jeremy Allaire, Founder & CEO of Circle, Charles Cascarilla, CEO & Co-Founder of itBit, Lawrence Goodman, President of the Center for Financial Stability, and Paul Vigna Reporter and “Money Beat” Host at The Wall Street Journal as moderator.
The discussion is intelligent and hits on many of the current issues involving bitcoin. Here are a couple of the best quotes, however, if you have an hour, you should watch the entire thing:
“Regulate the use of that system, not the system itself”
Charles Cascarilla on how bitcoin should be, and to some extent has been, regulated.
“What’s 5 million dollars in a 5 trillion dollar currency market? To put that in perspective the USD and Mexican Peso market you have a 130 billion dollars trading on a daily basis.”
Lawrence Goodman putting into perspective the diminutive size of the bitcoin currency market, and one reason many of the doubters doubt.
“That’s just a fallacy… there has to be an underlying value to the token.”
Jeremy Allaire on the “blockchain good, bitcoin bad” talking point, which has been making the rounds recently. Some clever bitcoin enthusiasts have altered the point to include the fallacy, ‘tree good, photosynthesis bad’.
“The typical time to settling a trade is T+2, transaction plus 2 days. With a blockchain type framework you can settle a trade in less than 10 minutes. That’s pretty incredible.”
Goodman on what excites many professionals in the traditional financial system about bitcoin.