The cryptocurrency and blockchain sector must now actively call out crypto demagogues, do more to prove crypto cynics wrong, and push for regulation.
This was the bold and controversial message in the address to The Delta Summit by Nigel Green, the founder and chief executive of deVere, one of the world’s largest independent financial advisory organisations.
In his rallying speech at Malta’s official blockchain and digital event, he name-dropped U.S. President Donald Trump, cyber security expert, John McAfee and legendary billionaire investor, Warren Buffett.
Speaking to the press after his Delta Summit address Green said: “Cryptocurrencies and blockchain technology have taken the world by storm.
“This is because they have the enormous, real potential to improve society, how we handle money, how we do business and how we govern ourselves. But for this potential to be fully realised, we need to build trust.”
Green went on to say that building trust is one of the biggest challenges currently facing the industry.
“Trust in the sector is routinely compromised by crypto demagogues who make wild and unsubstantiated claims and who sell themselves out to the highest bidder, regardless of facts and consequences,” he said.
“Trust in the sector is also under attack by crypto cynics. These are high-profile financial traditionalists and institutions who are likely to either have vested interests in maintaining the status quo or have no understanding and/or no desire to understand the unprecedented shift taking place right now.
“Their dismissiveness must be proved misguided by showing them that these hugely exciting, far-reaching developments are legitimate, here to stay and are beneficial.
“In addition, a sound and enforceable regulatory framework will enhance trust by giving investors even more confidence and protection.
“In short, the cryptocurrency and blockchain sector must now actively call out crypto demagogues, do more to prove crypto cynics wrong, and push for regulation.”
However, Green concluded that there is already a huge and continually growing appetite for FinTech solutions such as these.
“People across the world are increasingly looking for alternatives to fiat money, traditional financial services, and centralised agencies and governments – and this sector answers that demand,” he said.
“As such, once we have established trust, the environment will be ripe for the phase of mass adoption and investment.”