Bitcoin is Truly an Investment Opportunity, Says Phil Dettwiler

News / 15.02.2020

Switzerland is a leader when it comes to the advancement of cryptocurrency. Several bankers in the nation are now considering Bitcoin as a natural fit for Switzerland’s financial and banking sector.

Phil Dettwiler of SEBA Bank AG spoke on a recent podcast. According to him, Bitcoin is truly an investment opportunity, noting its features as a store-of-value. Likewise, in recent times, Bobby Lee stated that Bitcoin’s price would attain $1million and more, saying that it is a lifetime investment opportunity.

Cryptocurrency banks have been doing more in recent times. A few days ago, Wells Fargo announced its investment worth $5M in a startup that connects cryptocurrency exchanges and banks. The purpose of cryptocurrency banks is to fill the space between cryptocurrency and traditional banking sectors.

SEBA bank in Switzerland offers services such as cryptocurrency trading, asset management, custody, and financing and provides support to BTC, ETH, XLM, LTC and ETC.

While answering questions about the need for cryptocurrency banks when Bitcoin usage does not require a bank, Dettwiler said it is required for people to comprehend the use-cases of blockchain within the banking sector.

According to Dettwiler, a BTC maximalist is not likely to enter a bank but considers the decentralization, scalability, and security of blockchain. He believes that he is gradually increasing security and convenience through a reduction in decentralization.

He spoke about the likelihood of independent banking, noting that a traditional bank might provide convenience and competence in various aspects, while independent banking and Bitcoin might be helpful in developing nations such as Venezuela because of its fully decentralized feature that empowers people to distance themselves from their “rogue governments.”


Featured image courtesy of Shutterstock. Source: Cryptopress.

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.