Cryptocurrency

SWIFT crypto called currencies unstable and useless

How is it that they say: “history repeats itself, but it rhymes.” So it’s no wonder that you can recognize again and again the same pattern when it comes to progress and development. The to maintain good the Status quo of earning or other interests, have, this, comment, always negative over the relevant Innovation. Carriage driver at the time, saw no sense in the invention of the automobile. So it fits into the picture, the institutions from the traditional financial world are always expressing a negative or even derogatory comments about crypto-currencies. With such statements amusing Crypto News come again and again. So now, again, a speaker from SWIFT to happen.

Crypto is useless currencies””

This is the statement of a spokesman of SWIFT, the world’s largest network for financial transactions. It was made for a small event, actually, some of the news was meant to be the “Sibos” (a big fair of Finance) to announce the SWIFT held the end of September in London. More specifically, the speaker leads his argument with the following words:

They lose value like a yo-yo, you are useless and unstable. And even if Crypto-companies make it stable, it’s still a basket of currencies.

Only for Facebook Libra he has a few words of praise left. The rest of the Crypto-field, he thinks, that these “payments in the short-term influence”. As the speaker with his statement gives all crypto-currencies except for Facebook Libra over a ridge, you have to wonder on how many facts and how much is opinion based. Finally, there are now over 2,500 pieces, with very many Differences.Find the right one for you tax Tool. In our tax tool comparison for Bitcoin & Co, you can find out which providers are there and where are their Strengths and weaknesses lie. Choose currencies for you the optimal Tool for easy and hassle-free tax return for Bitcoin and Crypto. For comparison go.

Crypto News trigger: Who or what is SWIFT?

The statement was made by a spokesman from SWIFT, an organization that is an integral part of the traditional financial world (yet). SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication”. It is a cooperative owned by banks and residence in the EU. The organization operates in a particularly reliable telecommunications network (SWIFTNet), the use of some 11,000 banks in the world for financial transactions and communications. It will be sent over the network every day, about 36 billion euros, many of them across borders.Anyone who has read the top section carefully, the one thing: the description of the organization sounds very similar to a description of the network of some crypto-currencies, like Bitcoin or Ripple, only just a little bigger. Interestingly, SWIFT is working on a solution, the international financial transactions by banks in under a Minute allows.

What is the interest of SWIFT?

So you have to be a Insider in the industry to see, the SWIFT is clearly one of the beneficiaries of the traditional financial system, which crypto-currencies in the past few years, alternative solutions, more and more challenge. It should thus be clear that SWIFT has to maintain an interest in the current state (Status quo) in the financial system, and by mass Adoption of Bitcoin and co. under pressure would be advised.Speculation, of course, is whether the person responsible in the case of Swift, in fact, be nothing of crypto-currencies or just pretend to be in their external effect of possible scores. It is clear, however, that it must be either ignorance or fear. Both a question, throws decent light on the future of some traditional financial institutions. At the same time it is a praise for the entire Crypto-sphere, because such statements are a sign that crypto-currencies will be taken seriously and perhaps even a bit of fear and terror spread.What do you think of the statements of the Swift speaker? Makes you outrage broad or you can you understand? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.