Former Goldman Sachs employee explains Wall Street’s rejection of bitcoin
John Haar believes that the negative attitude towards digital assets is caused by a complete lack of understanding of the basic principles of their work
17.08.2022 - 11:20
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What’s new? John Haar, a former employee at investment bank Goldman Sachs, has explained why traders and analysts from Wall Street do not accept bitcoin. In his opinion, the lack of support for the asset is due to a poor understanding of the cryptocurrency. He acknowledged that familiarity with the concepts in the field of digital assets and its underlying principles is a “daunting task.” However, people who trade in traditional markets often pretend to understand them while defending existing financial systems.
What else does Haar say? He gave a number of reasons why people in traditional finance do not support bitcoin. Haar highlighted a lack of understanding of the fundamentals of money and its history, noted that traders are more consensus followers than independent researchers, and added that they do not spend time studying bitcoin and simply repeat the objections heard in the media. The expert summed up:
“They’ve been conditioned to believe that government central planning, both fiscal and monetary, is necessary for an economy’s growth and stability. Their world view is entirely focused on developed countries which have not experienced a currency crisis or a totalitarian regime in recent memory.”
Haar also noted that Wall Street traders are often highly specialized in their field, which he believes tends to give these people a tunnel vision of their own world.
What is known about John Haar? He has been the managing director of private client services at Swan Bitcoin since April 2022. Prior to that, Haar spent 13 years at Goldman Sachs on Wall Street. He noted that he became interested in bitcoin in 2017 amid the hype he saw in traditional media about it.
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