Revolut CEO Nikolay Storonsky: “Bitcoin is Definitely not a Fraud”

Mainstream banking giants such as JPMorgan and also UBS may be cynical of bitcoin, however fintech startups such as Square and Revolut are accepting it as a logical outgrowth of the digital change.

In an interview with CNBC, Nikolay Storonsky, Revolut CEO specified that, regardless of the protests of JPMorgan head Jamie Dimon, bitcoin is “definitely not a fraud”. Similar with many cryptocurrency supporters, he drew parallels in between the markets for bitcoin and gold.

He stated, “Real-world usage for gold is quite limited. But still there is a huge market, huge volumes that are being traded in the market, and these volumes determine the gold price,”. “The question, ‘Where is the real gold price?’ No one knows. It’s the same with bitcoin. Volumes are increasing, the price is shooting up, there is no implication of bitcoin in the real world, it’s quite limited,” Storonsky said, connecting bitcoin’s volatility to that of other commodities. “If you look at the oil market, 90 percent of volume is speculation, 10 percent is real use case.”

Similarly, bitcoin may not be utilized for daily transactions– at least today– and also the bulk of its quantity might be speculation-driven, however most commodities are the similar way.

As CCN has reported, Revolut– an app-based banking option– crowdfunded greater than $22 million earlier this year. The startup intends to integrate cryptocurrency transactions into its mobile system, allowing its customers to sell, buy, and also transfer leading coins including bitcoin, ethereum, as well as litecoin straight from the Revolut application. Presently, the app has more than 1 million users, and also the firm says it is adding roughly 3,500 new accounts daily.

Revolut is not the only mobile financial solutions app to explore integrating cryptocurrency usability. Square Cash lately began a bitcoin pilot program that enables a minimal number of users to purchase and sell the most famous cryptocurrency from within the app. Even Credit Scores Suisse—a company not known for accepting cryptocurrency– specified that the step “confers legitimacy” on bitcoin and also might motivate adoption by PayPal as well as other mainstream companies.

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