Financial institutions will not use Bitcoin (BTC)

Jed McCaleb says that financial institutions will not use Bitcoin

In 2018, analysts and enthusiasts in the cryptic space I was waiting financial institutions to enter the cryptic market. Something that ultimately did not happen. Second Jed McCaleb, co-founder of Ripple and Stellar Lumens (XLM), is not bullish for companies investing in Bitcoin.

Jed McCaleb had a conversation with Yahoo Finance in which he talked about Bitcoin, cryptocurrency and the digital currency space. He started talking about Stellar's acquisition of Chain. He said he believes it more financial institutions they will not use Bitcoin. However, he thinks institutions need public blockchains to operate and negotiate.

On the question, he commented:

"I think it's true that most financial institutions will not use bitcoins, but in my mind, what blockchain gives you is a public record that everyone can see, but can not change it, so parties can make transactions even if they do not So you still need a public chain, it does not need to be bitcoin blockcoin but if it's not a public chain, then you're missing the point. "

He also stressed that there are several chains in the network and that many of them have good and bad things. McCaleb he believes that there is no perfect network and that none of them can do all things well.

About Stellar, said that this currency and virtual blockchain are good for cross-border payments and also for the value of tokenizing. This means that Stellar could be used as a universal payment network.

He then talked about the prices of cryptocurrencies. In 2018, Bitcoin (BTC) and most of the virtual currencies in the market fell sharply. Some of them have lost more than 95% of their value. McCaleb explained that they are not focused on price and that they do not care too much.

He still believes that virtual currencies are still growing, even when they are below the peak. However, if prices grow, this does not mean that more people are interested and that companies can do what they want.

In the end, he said that space grew faster than what he and many others originally expected. At the same time, he said he was surprised at how the market is currently being driven by the hype. The allocation of capital and resources has been very surprising. According to him, it's a real shame when projects with zero technical merits receive millions of dollars.

He also criticized Stellar saying that they have done a "rather poor job" of marketing and telling the world how Stellar works. Apparently, they could change it in 2019.