Thomas Zeeb, the head of securities and exchanges at the SIX Group isn’t a fan of Bitcoin and cryptocurrency trading. Speaking in a recent interview, Zeeb spoke about his opinion on Bitcoin, the upcoming SDX launch, as well as other topical issues in the cryptocurrency space.
Nothing Behind Bitcoin but ‘Hope and Hype’
Speaking to Business Insider, Zeeb characterized Bitcoin as having little merit beyond the realms of hope and hype. According to him, reputational problems were plaguing the top-ranked cryptocurrency.
However, Zeeb was quick to point out that Bitcoin wasn’t alone in that category, saying:
But let’s face it, whether you’re in a traditional or a digital market, there’s always been listings and securities you can name — US and Canadian penny shares, Australian mining shares — there have always been listings that are hugely risky and in some other ways potentially problematic.
As far as reputation is concerned, Bitcoin gets a negative rap that is utterly tangential from what the reality is in the market. A recent statement by a high-ranking agent of the U.S. Drug Enforcement Agency (DEA) revealed that speculative investments accounted for the greater majority of Bitcoin transactions as against drug trafficking and other illegal activities.
SDX Unlikely to List Cryptocurrencies
Zeeb also spoke about the Swiss Digital Asset Exchange (SDX) and its plans of becoming a mainstream bourse for digital assets. The SDX, which is run by the SIX Group-owned Swiss stock exchange will focus on ICO tokens.
According to Zeeb, the SDX wishes to expose the ICO tokens to institutional investors, enhancing the legitimacy of the market. Commenting on the plan, the SIX Group executive said:
There is demand from institutional clients to find a way to legitimize and bring asset safety into play. Our job is to bring capital to companies at the end of the day. That’s changing.
With its focus on ICO tokens, Zeeb insists that the SDX will not venture into the cryptocurrency trading market. According to Zeeb, cryptocurrency exchanges that handle such trades are dime-a-dozen. Hence, the SDX feels no incentive to participate in a saturated environment. Instead, Zeeb prefers that the platform focuses on bridging the funding gap faced by blockchain startups by providing a marketplace where their tokens can become tradeable assets.
Do you agree with Thomas Zeeb’s characterization of Bitcoin as ‘hope and hype?’? Let us know your views in the comment section below.
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Author: Nick Omo