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Bitcoin & # 39; Certainly Not a Fraud: Fintech Startup Revolut CEO

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Traditional banking giants such as JPMorgan and UBS might be skeptical about bitcoin, but Fintech start-ups such as Square and Revolut adopt it as a logical consequence of the digital revolution.

In an interview with CNBC Revolut's CEO, Nikolay Storonsky, said that despite the protests of Jamie Dimon, JPMorgan, Bitcoin is not "certainly not a fraud". Like many defenders of cryptocurrency, he draws parallels between the markets of bitcoin and gold.

"The use of the real world for gold is quite limited, but there is still a huge market, huge volumes that are traded in the market, and these volumes determine the price of gold, "he said.

Similarly, bitcoin may not be used for everyday transactions – at least at this time – and most of its volume may be based on speculation, but most products are in the same way.

"The question," Where is the true price of gold? "Nobody knows it.It's the same with Bitcoin.Volumes increase, the price goes up, there is no implication of bitcoin in the real world, it's very limited, "said Storonsky, linking the volatility of bitcoin to that of other commodities. "If you look at the oil market, 90% of the volume is speculation, 10% is a case of real use."

As the NCC reported, Revolut – a banking alternative based on an application – funded more than $ 22 million earlier this year. The startup plans to integrate cryptocurrency transactions into its mobile platform, allowing its users to buy, sell, hold and transfer superior coins, including bitcoin, ethereum and litecoin. directly from the Revolut application. At present, the application has more than one million users and the company says that it adds about 3,500 new accounts per day.

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Revolut is not the only mobile financial services application to explore the integration of cryptocurrency features. Square Cash recently launched a Bitcoin pilot program that allows a limited number of users to buy and sell the most important cryptocurrency of the application. Even Credit Suisse – a firm that is not known to adopt cryptocurrency – said that this decision "confers legitimacy" on Bitcoin and could spur adoption by PayPal and other providers traditional.

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