'Fear of the unknown' is holding crypto trade investors back - Bloomberg analyst

Jamie Coutts, crypto analyst at Bloomberg, believes this is a "missed opportunity" that traditional asset managers are choosing not to learn about crypto.

Jamie Coutts, a crypto market analyst for Bloomberg Intelligence, says “lies” and “fear of the unknown” are what have kept traditional money managers from investing in cryptocurrency.

Speaking to Cointelegraph at the Australian Crypto Convention this weekend, Coutts claims there has been a continuous “fake” that “there is no intrinsic value in blockchains” .

"These asset managers hold stocks, like Amazon and Facebook [...] which for the first few years these companies had no earnings," Coutts explained, adding that Facebook in its early days "n had no profit [. ..] or considered to have intrinsic value.”

“Yet they could understand that there is network value here, that the network grows, that the value of the asset comes from the number of people who use the products.”

Coutts believes that "although not all blockchains are cash-generating assets, including Ethereum", there is certainly intrinsic value.

However, the Bloomberg analyst said he couldn't quite understand why there was hesitancy to embrace cryptocurrency, ruling out lack of regulation as the reason.

“Regulation can't be one of them. Let me rephrase that. Regulation is always a concern, but BTC is regulated.”

Coutts said "there really isn't any regulatory risk" because crypto became regulated "at the time when" it became a taxable item that you didn't have...