Philippe Ledent (ING): “The added value of cryptocurrencies has not yet been demonstrated”

The cryptocurrency market, which has been caught up in many scandals, has been in crisis since the beginning of the year. During the debate on Finance Avenue, Philippe Ledent (ING) explained that he sees no added value. At least for now.

Bad times for cryptocurrencies. Since the beginning of the year the market literally collapsedin the face of numerous scams and bankruptcies in the area. Investors in Bitcoin and other digital assets saw this it melts the wallet at high speed. But for Kevin de PatoulCEO and founder Keyrockactive scale in cryptocurrency trading, but it doesn’t have to be don’t bury it.

“There is economic activity behind cryptos.”

Kevin de Patoul

CEO and founder of Keyrock

“There is one economic activity behind cryptocurrency,” he explained during a discussion on the topic on the show. Financial avenue. The company’s latest fundraising is a record amount 72 million dollarsso it demonstrates that there are companies continues to invest in this technology of tomorrow. Kévin de Patoul, however, about this year’s decline, “it becomes a reason more complex access to financingFor those who want to be active in this sector.

Cryptos, a homogenous asset class?

Philippe Ledent, Chief Economist at ING very critical about cryptocurrencies, partially agrees with this idea. “In the development of a kind of money, it is normal to have a large clearanceInstitutional investors will continue to use it, he added blockchain, the technology behind cryptocurrencies, for other uses such as transactions, even if the virtual currency itself does not exist. On the other hand, he is interested in the usefulness of the latter.

Philippe Ledent (Chief Economist at ING)
©Joost De Bock

“It is normal for there to be great purity in the development of a currency.”

Philip Ledent

Chief Economist at ING

“Cryptocurrencies have no added value not yet shownAn economist who does not rule out a change at this level in the future is empty. Kévin de Patoul refutes this argument. homogeneous asset class.” He believes that the interest is precisely “to be able to attribute real value for a digital asset“.

But the central banks still retains the power to create money situation for themselves a lot unlikely to change For Philippe Ledent. Even if he has a project digital euro He notes that it was developed by the European Central Bank (ECB). contrary to initial opinion decentralized cryptocurrencies.

Risk management, the key to trust

About FTX platform crashPhilippe Ledent, who recently shook up the sector and pushed the price of bitcoin back down, reminds us that scams also increased long history of banksand adds with a smile, “gold rush, mostly shovel sellers have made a fortune,” confuses cryptocurrency platforms.

“It was mainly the shovel dealers who made their fortunes in the gold rush…”

Philip Ledent

Chief Economist at ING

Regulation, it however, it is expected to protect investors. At Keyrock, Jonathan de Patoul explains that his company does it all best manage risk, he himself was exposed to an FTX explosion. He also notes, “There was Bernard Madoff also a very good reputation“Before the discovery of the Ponzi scheme, to explain how FTX, when well established, could collapse.

Kévin de Patoul (CEO and Founder of Keyrock)
©Joost De Bock

For those looking to get into cryptocurrency, it is “be careful“, and they advise investing an amount in which ready to lose. Philippe Ledent is subject to banking regulations and avoid any recommendation in accordance with its legal obligations, but above all, it invites investors to ask themselves before investing: “What’s behind it?”

Leave a Reply

Your email address will not be published. Required fields are marked *