Caitlin Long, a general manager of Wyoming-based Avanti Financial Group and 22-year-old Wall Street masters, said sneaky Wall Street tricks may be on the horizon for Bitcoin.
Bitcoin (BTC) Demands Lending Danger
In a recent episode of Disrupt Meister, a YouTube publication, the general manager of the former Avanti Financial Group is afraid that some organizations may actually offer BTC-related products that are not supported by Bitcoin, although there is nothing wrong with lending nature.
As long as 100% supported in cryptocurrencies in real blockchain in Lending applications, there is absolutely nothing wrong. When non-chain products such as Bitcoin are introduced, products that are no longer tied to the actual Blockchain will appear. In other words, the credit of something not in circulation reveals a bad type of financialization.
I call this leverage-based financialization. In other words, there is a demand for Bitcoins that are not 100% supported by real Bitcoin.
There are many ways Wall Street can do this. Wall Street is very insidious, and because of the way accounting works, auditors cannot capture this practice either. It is a slow development but unfortunately it is coming towards Bitcoin.
Stating that companies such as Grayscale Bitcoin Trust (GTBC) and LedgerX have not released the keys to the public for a long time, products that include Bitcoin products, Caitlin said regulators should take steps to prevent any mistake.
I say this to the regulators. Use blockchain to your advantage. You can track these things and verify that there are no scams behind the scenes.