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“Bitcoin is the Play of the Moment” – Former JPMorgan Trader

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Commodities trader turned Coinshares chair, Danny Masters, has acceded that bitcoin is the so-called man of the hour.

Masters, the former head of the energy trading desk over at JPMorgan, said in a report on CNBC:

“I like bitcoin. I think we’ve seen a lot of liquidation, I think we’ve seen a lot of leverage come out of the market, which was probably a little too risky for some people to hold onto and that’s come out.”

Aside from bitcoin, the other play in 2018 is “select projects” in the altcoin/ICO/ERC20 space, Masters asserted, pointing to “good developers and non-forkable/blockchain specific ideas, you can select tokens that have been beaten down and are quite attractive in this market.”

Masters also proposed in the panel discussion on CNBC that it’s a folly to compare cryptos to other asset classes. Instead, he would rather listen to the opinions of industry veterans who have been around cryptocurrencies for the past five years and who “will give you a very, very different feel” than the figures and studies that are being released by conventional Wall Street firms such as Bank of America.

He also made a tongue and cheek remark about Bank of America’s grouping bitcoin among the “biggest asset bubbles in history,” claiming that “he doesn’t remember their bullish call on [bitcoin’s] way up.”

“Bitcoin is a very difficult market to analyze. There are metrics that don’t exist in the markets that we traditionally know and love,” Masters said.

When Masters first began trading cryptocurrencies, he admitted seeing some parallels to when he first dabbled with trading commodities such as oil, saying back at the turn of the century when he was “commodities-focused,” he connected the dots for an impending commodities rally, but he “didn’t think we’d find the answer and the proof for many years to come.”

He added that’s a parallel to cryptocurrencies.

“I think the setup is there, the story is convincing and the technology is convincing. We may not know the proof for another 10 years.”

And while oil and commodities have inimitable features and experienced events that were game-changing and that unfastened the price dynamics for that market, cryptocurrencies have their own as well.

“The use cases for crypto are bitcoin is disrupting money and gold. Ethereum is disrupting the formation of capital. There are other protocols that are disrupting identity, identity provenance. And these things are really unproven yet but quite promising.”

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