President of Metis Strategy, Peter High caught up with Matt Harris in an interview and discussed few topics of FinTech: payments, lending, investing, and insurance. Matt Harris has been investing in FinTech companies since the term was coined. Initially, he was drawn to the field partially due to the lack of attention it was getting 20 years ago. The broader interview is briefed below.
Matt Harris is an investor of a digital currency group which he believes is a firm providing a front row seat to cryptocurrencies and blockchain. On this view Peter high questioned him about his thought process on the evolution of cryptocurrencies and how bullish is he in that space.
Bull Case On Bitcoin
As Matt Harris is referred as the Bitcoin maximalist, he tends to be dramatically more bullish on Bitcoin than any other currencies or assets. Currently, there is $7 trillion of gold above the ground and $200 billion of value in bitcoin. Basically, the question is how many people wish to own the new digital currency as opposed to vulnerable shiny metal. Hence, Matt Harris thinks this is the bull case on Bitcoin.
Matt Harris’ second category of conviction originates from the first. When people wish to invest in and hold Bitcoin and other crypto assets, the need a plethora of aspects of market structure. The aspects are the following:
- Training venues
- Company Solutions
- Ways to sell short and go long
- Trading non fiat denominated tokens, requires a stable coin
- Excellent management firms
Harris elaborated that through DCG, they have invested in 115 other companies. His interest lies in making the apps and software driven tools as open source protocols, which no one owns. But are fueled by tokens that users need to buy, own, use and earn through utilization versions of these apps.
The last segment is the enterprise blockchain. Harris believes the real innovation behind Bitcoin is trustlessness or permissionlessness. Through these ideas people can exchange Bitcoin secretly without any central counterparty standing behind to clear the transactions.
High further questions him that does he surmise the time and attention is based upon a misunderstanding of the ultimate value of technology. Harris elaborated that it is ineffective to walk around Barclays and get people’s attention to organize resources and budgets. All the databases need to be up to date. Also there should be a transition from relational database to NoSQL databases or distributed ledgers.
Harris elaborates that moving from fiat file to relational in early 90’s was a smart move they took and should continue doing the same. He believes that settling U.S. equities transactions through DTCC requires two days. But if every single stock were on blockchain, transactions were possible instantly. He believes that social issue is the main cause for it.
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