CEO of Japanese Online Broker Monex Group and Wall Street veteran asserts that new crypto asset class would take off like derivative that featured 38 years ago.
CEO of Monex, Oki Matsumoto says “Regulators really hated derivatives in 1980 but just soon after that they really embraced them,” “What’s happening in the crypto world today is very similar to derivatives in the 1980s, and sooner or later all of those regulatory frameworks will be fixed.”
The Japanese CEO began its career in derivatives at Solomon Brother in the year 1987. Matsumoto has spent 12 years at Goldman Sachs for launching his investment bank called yen fixed-income trading desk.
The CEO says we work beautifully together, they can provide a lot of value. He also adds that shares of Monex have doubled since the deal was announced in April.
Monex has regulated public firms to purchase crypto exchange and has seen a confidence booster for space. It is akin to cryptocurrency. Matsumoto says the concept of derivatives is confusing in these early days.
Matsumoto claims, only a few people could understand derivatives, just the rocket scientists, and those people. “But five years later, all the biggest schools in the world were teaching derivatives.”
Matsumoto adds that the high tax rates on cryptocurrency are high as 55 percent in Japan. It has been the blockade for retail investors. Later you don’t drink thinking about getting hungover the next day, I think it’s going to take time for Japanese retail people to move a good portion of money into crypto.
Digital currencies buoyancy has captured the attention of trader who looks at profits. It has risen after bitcoin and has more than 1,300 to nearly $20,000 last year. According to the reports, the cryptocurrency was trading $9,000 on Tuesday.