Rating firm founder Martin D. Weiss: with Volcker Rule down, people will have more reason to use cryptocurrencies

It has become known to Martin D. Weiss, PhD and the founder of Weiss Ratings, that the United States financial regulators are now trying to lift the Volcker Rule. In an emotional blog post dedicated to the problem, expert claims that this potentially could result in another major financial crisis similar to that of 2008, as banks will have much more opportunities to conduct speculations with savings of their clients.

“Are U.S. bankers and their regulators suffering from collective amnesia? Have they forgotten what happened in 2008 and WHY it happened?” - Weiss inquires.

This can actually benefit the market of cryptocurrencies, Weiss tells. As a reminder, Satoshi Nakamoto has created Bitcoin partly in response to the financial crisis of 2008. In case another major financial collapse occurs, his narrative (as some blockchain evangelists call it, “the vision of Satoshi Nakamoto”) may become relevant again.

Moreover, the expert who wrote the post together with financial analyst Juan M. Villaverde believes that the development of the mobile trading apps will be one of the biggest reasons why crypto will become mainstream. Volatility and the lack of information are called two major downsides of the sphere.