John Haar, an ex-asset manager at Goldman Sachs, believes that the lack of support for Bitcoin from legacy finance stems from a poor understanding.
Haar’s opinions were expressed in an essay dated Aug. 14 that was sent to private clients by Swan Bitcoin, a Bitcoin brokerage platform. Haar worked previously for 13 years at Wall Street asset manager Goldman Sachs before joining Swan Bitcoin in April 2022 as managing director of Private Client Services.
Haar explains in the essay that people working in legacy finance fail to grasp one of Bitcoin’s (BTC), primary principles. They also lose the concept of sound money, which Haar claims leads to negative views about crypto.
“After many conversations, if there are legacy finance people who have a well-researched position on why Bitcoin isn’t a good money form or why Bitcoin won’t succeed, I wasn’t able to locate them.”
Haar stated that he was attracted to Bitcoin because of the hype in traditional media.
He believes the history and foundations of Bitcoin make him eager to talk about it with anyone. He also added that Bitcoin “improves on gold’s weaknesses.”
Haar, on the other hand, points out that Wall Street’s negativity is due to six reasons. These include a lack research on Bitcoin and a lack understanding of history. Although he acknowledged that it is difficult to get to grips with the Bitcoin lexicon, and its underlying principles, he said that legacy finance professionals do not have the right mindset.
It’s more common to make a claim that one is well-versed in a subject and then take a strong position regardless of what one knows. This is especially true when the topic involves investing.
He believes that conditioning through government central planning, people following the consensus, only considering its application in developed nations, and a desire for the status quo are all contributing factors. Haar stated that these four factors conspire in different ways to protect legacy finance from being harmed in order to preserve the existing financial systems.
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Haar says that there is nothing intrinsically bad about these things, but adds that they prevent people working in legacy finance becoming independent thinkers or early adopters for new technology.
He also noted that legacy finance professionals are often very specialized in their fields, which can lead to a tendency for them to have a tunnel vision of their world.
They make a living knowing the details of their sector of the financial services industry. They are not motivated to learn the basics of the system.
Eileen Wilson –Technology and Energy
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