Gabor Gurbacs, Tether's strategic advisor, commented on the current state of institutional investors' interest in Bitcoin and criticized the banking system.
Lack of Understanding of Bitcoin
Gurbacs noted that institutional investors who started investing in blockchain and cryptocurrencies in 2016/2017 still do not understand the significance of Bitcoin. According to him, they continue to prefer blockchain technologies in general, failing to recognize the revolutionary advantages of BTC.
> "The blockchain not Bitcoin institutional crowd is back from 2016/2017. 8 years later they still don’t understand either. We are still early." — Gabor Gurbacs
Criticism of the Banking System
Gurbacs also criticized banks, claiming that they are based solely on customer trust in central depositories. He stated that banks typically back their deposits with less than 15% tier-1 (liquid) capital, making central depositories a 'house of cards'.
> "Banks on average hold less than 15% Tier 1 (liquid) capital against deposits in the bank. Everyone just trusts central depositories. That's the truth." — Gabor Gurbacs
Growing Interest in Bitcoin by Large Companies
Despite the misunderstanding from older institutions, many new companies are actively investing in Bitcoin through ETFs and accumulation strategies. For instance, Canadian company Bitcoin Treasury Corporation (BTCT) announced the acquisition of 292.8 BTC after raising CAD 125 million for its Bitcoin treasury strategy.
Thought leader Gabor Gurbacs continues to emphasize the importance of understanding Bitcoin's unique properties while criticizing traditional banking structures, asserting that growing interest in BTC from new companies underscores its significance.
