Fireblocks CEO Michael Shaulov calls Bitcoin a role of traditional banks

76
2
Fireblocks CEO Michael Shaulov calls Bitcoin a role of traditional banks

Fireblocks CEO Michael Shaulov called Bitcoin BTC/USD a role of traditional banks. He has recently shared insights with Benzinga on the role of stablecoins and Bitcoin's potential as an 'insurance instrument' against potential government system collapses.

What happened : Everyone interacting with cryptocurrency, tokenization and blockchain tech understands that there will be a game of disintermediation.

While certain business models may face change, banks will still play a crucial role, provided they adapt quickly to the changing landscape.

As the digital assets industry evolves, industry leaders like Shaulov are gearing up to share their views at the Benzinga's Future of Digital Assets conference on Nov. 14, a pivotal event that promises to shed light on the next phase of blockchain and cryptocurrency advancements.

Stablecoins, Shaulov says, allow for much broader applicability. The activity surrounding stablecoin payments might soon eclipse speculative cryptocurrency trading, he said.

Shaulov compared stablecoins backed by liquid assets and bank-tokenized deposits to those backed by bank-tokenized deposits.

When asked about the role of centralized market infrastructure in finance's future, Shaulov said, adapting traditional business models to this rapidly evolving environment remains a challenge.

Shaulov reflected on a recent report on Bitcoin that showed the growing number of Americans owning it.

It's inevitable, he said, emphasising the bottom-up propagation of the crypto trend driven by the people.

He called for regulatory agencies to act quickly to understand and adapt to this paradigm shift.

Shaulov offered a personal opinion on Bitcoin's potential as a fiat currency alternative.

While he personally invests in Bitcoin, he doesn't envision it replacing traditional currencies for daily transactions.

EXCLUSIVE - EDX Markets CEO said Bitcoin has the potential to become a global reserve asset.

At Benzinga's exclusive event - Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors.