Bitcoin will spark a host of new financial tools and is not a bubble, Jon Matonis has told Business Insider last month.
In an Apr 2 interview with Business Insider, during the Innovate Finance conference in London, Matonis took the opportunity to tell the mainstream media publication that the concept of Bitcoin being in a ‘bubble’ was hypocritical.
“To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble,” he said.
“The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.”
Bitcoin’s fresh downturn in recent weeks has led to renewed speculation in non-crypto news outlets that 2017’s $20,000 highs were characteristic bubble-like behavior and would not be repeated.
While Bitcoin has become considerably more user-friendly and technologically robust in the months since, market sentiment remains bearish, with traditional finance voices continuing to call time on the cryptocurrency.
Matonis, however, is anything but bearish about the future cryptocurrency has in the real-world economy.
“I think it's fabulous that (banks) are getting into it because it brings in new liquidity,” he continued.
“…They're going to develop futures markets, options markets – I even think you're going to start to see interest-rate markets around bitcoin. We're used to hearing things about Libor, the index for bitcoin interest rates is Bibor.”
Matonis’ Bitcoin Foundation began in 2012 with a mission to propagate the expansion of cryptocurrency, but over the years has faced problems with its strategy.