Financial Times Includes Cryptocurrency In Two Out Of Six Sections Of New Special Report
The Financial Times (FT) regularly puts out reports and articles concerning the financial industry. Their most recent publication, a Special Report, contains six different sections about the financial industry, but cryptocurrency has apparently made enough of an impact in the industry that the Report covers it for two full sections.
The report is called “Exchanges, Trading and Clearing,” where FT discusses cryptocurrency with other important global topics, like Brexit and how crypto has managed to break into other markets. In fact, the writers of the report call this transition “some of the biggest changes” that financial markets have had in over 10 years.
One of the two articles concerning crypto, called “Crypto Exchanges Must Face Up to Responsibilities as They Mature,” discusses the differences and similarities between crypto and the traditional market. One of the major points of conversation is the problems that the industry faces, which brings up the issue of regulations, or lack thereof.
Another point of conversation in the piece is the dispute involving the traditional market experts and the experts in the crypto community. Coinbase’s UK chief executive commented that the structure of the crypto market will “eventually mirror that of traditional markets.” However, Peter Randall from the fiat trading side of the financial industry believes that this probably will not happen.
Randall furthered his argument by saying that the crypto industry lacks “operational resilience” that “complex markets and financial systems” require. To support the claim, he brought attention to the lack of liquidity that the crypto market maintains.
The second crypto article, “Chicago’s Sharp Traders Dive into Cryptocurrencies,” discussed the trading industry in Chicago, and how it is “deepening its exposure to the wild crypto market.” While placing heavy importance on the role that proprietary trading firms play in Chicago, they also emphasize how, even though digital assets have been considered “volatile,” that quality “is generally considered a good thing.”
Cryptocurrency is easily earning its place in the media lately. Prime Minister of Malta, Joseph Muscat, believes that crypto is the “inevitable future of money.” He spoke at the 73rd Session of the General Assembly of the U.N., and his speech also reflected his belief that blockchain technology paves the way for a more efficient and honest society.