A former high-flying JPMorgan trader turned cryptocurrency fund manager says banks “have absolutely failed to innovate in any way, shape, or form and now they’re paying the price” in the cryptocurrency market.
Daniel Masters ran JPMorgan’s energy trading business in the 1990s and now oversees cryptocurrency investment at the firm Global Advisors. In an interview with Business Insider, he called cryptocurrency a “true revolution” that traditional financial institutions are dismissing as a “criminal enterprise, Ponzi scheme and a scam.”
Masters, who started out as an oil trader for Shell in the 1980s, said he became interested in cryptocurrency around five years ago and refocused his firm on digital currencies two years later in 2014.