Former Goldman Sachs banker explains why Wall Street gets Bitcoin wrong

John Haar, a former asset manager at financial institution Goldman Sachs believes the lack of support from “legacy finance” for Bitcoin stems from a poor understanding of the cryptocurrency.in an essay on Sunday, which was originally sent to private clients of Bitcoin brokerage platform Swan Bitcoin. Haar previously spent 13 years at Wall Street asset management giant Goldman Sachs, before joining Swan Bitcoin as managing director of Private Client Services in April 2022.

“After many conversations, I can say that if there are people in legacy finance who have a well-researched stance on why Bitcoin is not a good form of money or why Bitcoin will not succeed, I was not able to find them.” He believes that the history and fundamentals of Bitcoin made him excited to discuss it with anyone, adding that Bitcoin “improves upon gold's shortcomings.”

“It’s much more common for one to pretend to be well-versed on a given topic and take a strong opinion regardless of one’s underlying knowledge — and this is especially true for a topic that touches the world of investing.”, people generally following the consensus, only thinking about its application in developed countries, and a desire to maintain the status quo are also contributing factors.

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