Julian Liniger, founder and CEO of bitcoin investment app Relai, said that since the 2008 financial crisis, people’s trust in the banking system has been greatly shaken.
In his article, Julian Liniger cites a YouGov survey that found that the majority of Britons still trust traditional banks, with only 36% saying that financial institutions act in their own interest. Liniger believes that confidence in banks has declined due to persistent economic instability.
“Bitcoin allows investors to feel like they alone own and control their assets. Traditional assets do not have this quality – they do not allow owners to feel out of control during times of economic uncertainty and financial crisis,” said Relai’s CEO.
Liniger believes that the growing level of distrust in traditional banking institutions coincides with a decrease in confidence in national currencies. Turkey, Lebanon or Argentina are examples of how inflation can get out of hand and how people end up losing confidence in their local currencies. Therefore, bitcoin becomes a more attractive means of storing value.
Recall that according to the Bank for International Settlements (BIS), investments by US citizens in cryptocurrencies are caused by a desire to make a profit, and not by disappointment in the traditional financial industry.
