Phil Dettwiler Says Bitcoin A Genuine Investment Scope

News / 15.02.2020

Switzerland leads when it comes to cryptocurrency advancement. Currently, many Switzerland bankers believe Bitcoin is certainly suitable for Switzerland’s financial and banking sector.

On a recent podcast, Phil Dettwiler of SEBA Bank AG stated that Bitcoin is truly an investment opportunity because it is a store of value. Likewise, Bobby Lee recently said that bitcoin’s price would reach $ 1 million or more and said that it was the opportunity of a lifetime.

Crypto Banks Have Been Making Effort

Recently, cryptocurrency banks have been doing more. A few days ago, Wells Fargo announced its $5M investment in a startup connecting cryptocurrency exchanges and banks. Cryptocurrency banks aim at filling the space between cryptocurrency and traditional banking sectors.

In Switzerland, SEBA bank offers cryptocurrency trading, asset management, custody, and financing and supports BTC, ETH, XLM, LTC, and others.

Dettwiler said people need to understand the use of blockchain in the banking sector while answering questions about the need for a cryptocurrency bank when bitcoin doesn’t need a bank.

 A BTC maximalist is not likely to engage in banking services but considers the decentralization, scalability, and security of blockchain, according to Dettwiler. He believes that he is gradually increasing security and convenience through a reduction in decentralization.

Talking about the possibility of independent banking, he noted that traditional banking could provide convenience and expertise in many aspects. Independent banking and Bitcoin could be useful in developing countries like Venezuela because of the fully decentralized function that allows people to distance themselves from a fraudulent government.

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.