February 15, 2018

FTAdviser quotes Gerry Sachs and Kara Ward on a guide to bitcoin and blockchain in the cryptocurrency landscape

2 min

Gerry Sachs and Kara Ward were quoted in FTAdviser on February 15, 2018, in a "Guide to Bitcoin and Blockchain."

Kara Ward states, "The rise in cryptocurrency stems from tech-savvy individuals and others who wanted to transmit funds easier, quicker, at lower cost, and do so as anonymously as possible by not using a third party, such as a bank."

Speaking on the risks of cypytocurrency over using monetary currency, Ward said, "Limited supply, varying demand and government regulation have been impacting the prices of currencies, causing dramatic fluctuation with very little predictability. It is also somewhat risky to use as a money transmission method, because there are very few regulations and mandated consumer protections." She adds that, in comparison to traditional money transmission, where there are disclosures and guarantees to cover fraud and loss, there are none of those with cryptocurrencies.

Gerry Sachs commented on how blockchain can revolutionize fiscal transactions by stating that this will only grow as open banking becomes the expectation of businesses and consumers looking for clean, streamlined, branchless banking concepts. He continued to state that, "Blockchain is not hampered by issues that stem from legacy technology systems. Importantly, it provides a clean technological base from which to build innovative products, and it is more flexible relating to development and use."