Ex-Goldman Sachs banker explains why Wall Street is getting Bitcoin wrong

According to John Haar, who once counted himself in the ranks of the field of traditional finance, a fundamental understanding of "sound money" prevents Wall Street to adopt Bitcoin.

John Haar, a former asset manager at financial institution Goldman Sachs, believes that the lack of "legacy finance" support for Bitcoin stems from a misunderstanding of cryptocurrency.

Haar's views were expressed in an essay on August 14, which was originally sent to private clients of the Bitcoin brokerage platform Swan Bitcoin. Haar previously spent 13 years at Wall Street asset management giant Goldman Sachs, before joining Swan Bitcoin as Managing Director of Private Client Services in April 2022.

The essay explains that not only do people in "legacy finance" misunderstand what it considers to be one of the fundamentals of Bitcoin (BTC), but the idea of ​​sound money is failing them usually lost, which Haar says leads them to negative results. crypto reviews.

"After many conversations, I can say that if there are people in legacy finance who have a well-researched position on why bitcoin is not a good form of money or why bitcoin will not succeed no, I couldn't find them."

Haar noted that he became interested in Bitcoin in 2017 due to the hype he saw in mainstream media about it.

He thinks Bitcoin's history and fundamentals made him excited to discuss it with anyone, adding that Bitcoin "improves the flaws of gold".

On the other hand, Haar notes that Wall Street's negativity is the result of six different reasons stemming from a lack of Bitcoin research and understanding of history. He acknowledged that getting to grips with the Bitcoin lexicon and its underlying principles is a “tough job,” but that people in legacy finance are doing themselves a disservice by claiming to understand the...