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Today, August 17, 2022, the Youtube channel Only The SAVVY has published a new content with the title Former Goldman Sachs Manager: “The Real Reason Wall St. Hasn’t Adopted Bitcoin Yet”. If you want to watch this video in streaming, you have come to the right place!
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Former Goldman Sachs asset manager John Haar, who previously spent 13 years at the legendary firm, wrote a lengthy essay on why Wall Street has it wrong about Bitcoin. The essay was originally sent to private clients of Bitcoin brokerage platform Swan Bitcoin, for whom Haar is now the managing director.
The essay explains that not only do people in “legacy finance” fail to understand what he considers one of Bitcoin’s (BTC) primary principles, the idea of sound money is lost on them in general, which Haar says leads them to negative opinions about the crypto.
The essay highlights 4 main areas;
Orange-Pilled Finance
Sound Money Principles — Not Taught in School, Not Discussed at Work
Six Drivers Behind Legacy Finance’s Lack of Support for Bitcoin
Views Are Changing, But Slowly
Haar got orange-pilled in 2017 after Bitcoin became mainstream. Haar went down the rabbit-hole and came to realize that to truly understand bitcoin, one must be versed in many disciplines; Haar stated;
Those who have fallen down the Bitcoin rabbit hole know that it takes an understanding of various disciplines to grasp Bitcoin. This includes economics, monetary theory, investor psychology, computer science, cryptography, energy, geopolitics, politics, game theory, history, privacy, and human rights. It is rare for anyone to be well-versed in most of these areas, let alone all of them. This helps explain why it’s uncommon for someone to hear about Bitcoin for the first time and immediately grasp the immense significance.
Though having an encompassing knowledge would be optimal… ultimately, Haar narrowed down understanding Bitcoin to 2 things;
Understanding what sound money is; and
Understanding how Bitcoin can succeed as sound money
Haar expressed that through all the years of climbing the ranks to reach what some might consider the pinnacle of finance....as an MIT Graduate and former manager at one of, if not the, biggest financial institution in the world… he was never asked or taught, what is money? This fundamental question is the same question that befuddled Michael Saylor. Though the former CEO of Microstrategy ran a publicly traded company for decades and made billions of dollars, he has been open about how he never reflected on ‘what is money?’… which began his search down the rabbit hole.. And ultimately becoming one of the biggest advocates for Bitcoin. According to Haar, the lack of understanding of what is money was widespread;
If you asked someone in legacy finance “what do you think of sound money?” they likely would not even understand the question. And if they did, this would be a relatively recent development, which could likely be credited to the Bitcoin movement that has inspired so many people to learn about money and the monetary system.
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