The economy of trust is the issue holding most people back from investing in cryptocurrency, according to financial expert Nigel Green. Green, who is CEO of global financial advice firm deVere Group, is a leading advocate of cryptocurrency investment.
He argues that trust is what stands between cryptocurrency bursting out of the alternative investment category on to the mainstream.
In his latest seminar, Green acknowledges the topic is controversial.
“Many people will be suspicious of crypto, while others will want to know if it is a good thing or a bad thing,” said Green.
Economy of trust
“There are all sorts of opinions out there and I could send you either way because I give you both opinions.
“But I think it’s crazy not to take notice of cryptocurrency if you are an investor.”
This is where his theory of the economy of trust comes in.
Nigel Green argues that most people have no problem buying from Amazon or drawing money out of the bank as US dollars because we trust the company and the US government to back up their promises and deliver.
“For instance, I trust my mobile phone and the applications I have downloaded. I use one to trade on the Ethereum platform all the time,” he said.
Cryptocurrency is the future
“If you don’t trust cryptocurrency because you have read something in the media about hacks or scams, then you have to realise not every crypto exchange is like that and there are plenty you can trust.”
Green also revealed he has personal cryptocurrency holdings and admits he believes in his investments.
“We are in a world which is an economy of trust,” he said. “People rather go to Amazon than Google when they want to buy something. It can be an economy of distrust as well – 55% of Americans do not trust Donald Trump.”
deVere Group has developed deVere Crypto, an electronic exchange platform that allows digital currency investors and traders to manage, store, buy and sell several coins and tokens – Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, Stellar, Bitcoin Cash and EOS.
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