It should no longer be a complete surprise that there are different figures involved in traditional finance who have a vested interest in minimizing Bitcoin and cryptocurrency and general. The trend is not new.
The CEO of JP Morgan Chase, Jamie Dimon, infamously called Bitcoin a "fraud" in 2017, which raised a great deal of suspicion and criticism from the cryptocurrency community. In addition, the world-renowned economist Nouriel Roubini has railed against cryptocurrency repeatedly, and millions have been paid in the past by banks that would have been hit by mass adoption.
Now, Payoneer's CEO has expressed skepticism about Bitcoin.
For some contexts, Payoneer is a financial services company focused on online payments that was founded in 2005. They have established themselves as an important force in the industry, especially considering that some of the most powerful companies in the world use Payoneer. These companies include Google, Amazon, Airbnb and Upwork. Payoneer is based in New York.
The managing director, Scott Galit, expressly believes that a single global currency does not seem a likely proposal. CNBC has quoted Galit as stating: "Despite the interests of many people out there in the Internet world who like the idea of frictionless and frictionless money and avoiding legal currencies, I do not see it."
Reasons for the declaration
Galit believes that this is not realistic for a specific and arguably valid reason: it is too volatile. He talked about how the government can accept Bitcoin, for example, it would be extremely problematic, considering its absolute volatility, and the fact that it lost the vast majority of its value in just one year.
While many cryptocurrency fans believe that the traditional financial system will be replaced by cryptocurrency, Galit seems to think this is not pragmatic. He told CNBC: "Central bankers are there to actually help manage economies and provide some sort of responsible management for those economies, part of this is actually currency management in interest rates [for lending] and in exchange rates. If you do not really have any control over a currency, you've lost one of the main policy tools you have, so what do you do? "
It is important to note that a state already seems to contradict Galit's statements, as Ohio recently announced that they will do so accepting tax payments in Bitcoin.