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An ex-Goldman Sachs banker explains why Wall Street is getting bitcoin wrong

An ex-Goldman Sachs banker explains why Wall Street is getting bitcoin wrong

John Haar, a former asset manager at the financial institution Goldman Sachs, believes that the lack of “traditional finance” support for bitcoin (BTC) is due to a misunderstanding of cryptocurrency.

Haar’s comments were echoed in an essay on Sunday, which was first sent to private clients of bitcoin brokerage platform Swan Bitcoin. Haar spent 13 years at Goldman Sachs, the Wall Street asset management giant, before joining Swan Bitcoin as Managing Director of Private Client Services in April 2022.

The essay explains that not only do people in “heritage finance” misunderstand what he sees as one of the fundamentals of bitcoin, but that the idea of ​​sound money also generally eludes them. :

“After many conversations, I can say that if there are people in wealth finance who have a well-researched position on why bitcoin is not a good form of money or why bitcoin will not succeed, I was not able to find them. »

Haar noted that he became interested in bitcoin in 2017 because of the hype he saw in the mainstream media about it.

He believes that the history and fundamentals of bitcoin made him excited to discuss it with anyone, adding that bitcoin “improves on gold’s flaws.”

On the other hand, Haar notes that the negativity on Wall Street is the result of six different reasons stemming from a lack of bitcoin research and understanding of history. He admits that grappling with bitcoin vocabulary and its underlying principles is a “difficult task”, but that traditional financial players are doing themselves a disservice by claiming to understand them:

“It’s much more common to pretend to be well-informed about a particular subject and take a strong opinion without thinking about its underlying causes – and this is especially true for subjects that affect the investment world. »

He also thinks that the conditioning is the central planning of the government, the fact that people generally follow the agreement, that they only think about its implementation in developed countries and the desire to maintain the status quo are also factors. According to Haar, these last four elements come together in different ways to act as a shield for traditional finance to protect the financial systems already in place.

Also read: Cryptocurrency-focused venture capital firm Dragonfly acquires hedge fund: Bloomberg

Haar says there’s nothing fundamentally wrong, but notes that these behaviors prevent people working in traditional finance from being independent thinkers and quick adopters of new technologies.

He also points out that people working in traditional finance are often very specialized in their field, which he says tends to give them a narrow view of their own lives:

“They make a living knowing the details of their corner of the financial services industry. They have little incentive to examine the fundamentals of the system. »

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