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Fund manager and former White House Communications Director, Anthony Scaramucci, has said that blockchain is reshaping how global finance works, and that Bitcoin's (CRYPTO: BTC) advantage lies in its portability and efficiency compared with traditional assets like gold.
Highlighting the sharp contrast between gold and Bitcoin, Scaramucci said, “You're not moving gold around the world the way you can move Bitcoin,” emphasizing the latter’s growing role as a digital, borderless asset, while appearing on CNBC’s “Squawk Box.”
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He pointed to growing institutional interest and real-world applications of blockchain across markets, including major exchanges. “Over time they're going to use the blockchain to do this. It's safer, cheaper,” he said, referring to how financial institutions are exploring settlement and clearing systems powered by distributed ledger technology.
Scaramucci highlighted the sharp contrasts between traditional financial infrastructure and blockchain-based systems, pointing to settlement speed and efficiency have evolved. Recalling his early days on Wall Street, he said, “When I joined Goldman Sachs in 1989 it was T+5,” referring to the five-day settlement cycle for all trades and transactions.
With blockchain, the timeline is shrinking dramatically, “a few minutes or an hour to have finality in a transaction,” he said, adding that it removes “six or seven potential intermediaries out of the transaction.”
Scaramucci discussed the future of banking in the face of these disruptive innovations, drawing parallels with the telecom industry. “The banks are going to adapt the way the telecom companies adapted and they’ll be providing services that are slightly different but they’ll still be valuable services to people,” he said.
In recent months, several major banks, including Citigroup Inc. (NYSE:C) and Societe Generale SA (OTC:SCGLY) have undertaken several measures to reshape traditional banking processes.
This includes tokenized inter-branch deposit systems, alongside a new euro-denominated stablecoin on Ethereum to make payments faster and more secure.
Price Action: Bitcoin was seen trading 0.14% higher at $107,785.01 at the time of writing, according to data from Benzinga Pro.
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Photo Courtesy: Al Teich On Shutterstock.com
