Daily Archives: 9. September 2020
Can financial services ever be fair? The word to JP Thieriot

JP Thieriot is the CEO of Uphold. The platform allows users to trade more than 60 different currencies and commodities, including several major digital currencies and precious metals.

Speaking of finance and the internet together, JP has praised Bitcoin and the way it has solved all long-standing financial issues.

„If you think of all the industries that the internet has shot down and then rebuilt in its image – it is every single industry except one, which is finance“, explained Theriot.

„Money is 1 and 0 with only an extra dimension of value and spendability, and the long-standing issues are resolved,“ he continued.

Now that the entry barrier has been removed, we will see a new wave of users – solving the problems of financial inclusion.

Quantitative Easing, Gold & Bitcoin

JP has also admitted that nobody talks about the enormous risks of quantitative easing.

I don’t hear anyone say: „Don’t bombard the world with cash because you will have serious problems. The entire hospitality industry is on the streets begging for food. There are trillions and trillions of dollars devaluing the currency and I do not believe that any country is in a relatively better situation than the others“.

When the market becomes too flooded with money, this can lead to inflation. Although Quantitative Easing can have a certain positive impact on the economy.

Most of the time, however, these positive impacts are only short-term, the QE is not designed to be used in the long term.

QE can change the currency of the country in which it is executed – probably devaluing it, making imports more expensive and thus increasing production costs and prices for consumers.

„So what are the two assets that differ from Fiat currencies? Gold and Bitcoin. So both will benefit enormously from this, right? It is clear that gold and Bitcoin System will grow in relative terms.

And here comes Uphold

„We aim to democratize access to investment and allow simple cross-border 24/7 P2P transactions. July was an interesting month because we exceeded 3 million users“.

The company launched the new „Anything to Anything“ interface in January, which allowed users to deposit funds into their accounts, make transfers and exchange directly with more than 60 cryptocurrencies, fiat coins and metals using a single screen.