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- John Haar was previously working as the asset manager for the bank.
- The ex employee issued an essay explaining why Wall Street doesn’t embrace the crowned digital asset.
- He explained the reasons behind the negativity in Wall Street in the document.
The Poor Understanding Preventing Legacy Finance From Supporting BTC
A former Goldman Sachs employee, John Haar, who worked as an asset manager in the organization, thinks that scarce support from legacy finance persists due to the lack of understanding regarding crypto assets. He published an essay which was sent to Swan Bitcoin’s clients.
Before serving as the Private Client Services’ MD at Swan Bitcoin, he acted as the asset manager of Goldman Sachs for 13 years in Wall Street. The essay elaborates the failed understanding concerning cryptocurrency and sound money by legacy finance. This, he thinks, is the major reason behind the negative perspective towards the crowned crypto asset.
He says that ‘after several conversations, if people in legacy finance did not have a well-researched perspective on why BTC would become a failure and is a bad form of money, then he would not be able to find them.’
The ex Goldman Sachs employee pointed out that his interest in the top cryptocurrency developed during 2017 when the conventional media was creating a lot of hype for the asset.
He thinks that fundamentals and the backstory of Bitcoin makes him so excited that he can discuss it with any person. He said that, ‘it improves the shortcomings of gold.
Haar points out that the negativity that Wall Street holds is the outcome of 6 distinct reasons resulting from scarce research on BTC and its understanding. He also thinks that it is undoubtedly difficult understanding Bitcoin., but legacy finance workers do not even bother to try.
He also thinks that the people only go after certain governmental aspects, and thinks that it is only suitable for the developed nations, and a desire for maintaining the status quo are also assisting factors in this negativity.
Haar highlights that the folks working in legacy finance are experts in their sectors, creating a tunnel vision for them to see the potential of Bitcoin. He said that ‘they generate revenue streams through particular financial services.’ He adds that ‘it is a minor incentive for them to explore the system’s fundamentals.’