John Burbank: Financial Heavyweight Predicts Crypto Will Affect Every Business In The World Within Five Years

Cryptocurrencies, Investors, News

John Burbank, the founder of Passport Capital, spotted a bubble in subprime mortgages before the financial crisis, and this week he spoke about how he predicts blockchain will be the future of finance.

Regarding finance, John Burbank is a man whose opinion is well worth noting. In 2004, he spotted the housing bubble before the market went into meltdown, and he has been ranked on Forbes as one of Wall Street’s highest earners. Now he has turned his attention to the world of cryptocurrencies.

What Burbank had to say:

This week, Burbank discussed his opinions on the technology and its implications for the future in an interview with CNBC.

Burbank set up a dedicated crypto hedge fund in January, and their top 3 holdings are Bitcoin, Bitcoin Cash, and Ethereum – Burbank also mentioned they were involved in other things but didn’t specify what those were.

The founder of Passport Capital has made it clear he has high hopes for the future of blockchain technology and predicts that all institutions are going to need to invest in it and all will want to invest in it — they’re just not investing in it yet.

‘This is going to change pretty rapidly. I think the change is going to surprise people, in how much more relevant than they expected it will be.’

Most notably, Burbank even suggested a timeframe for this to happen – he predicts the technology will explode in the next year, and that in the next five years, it will spread to every major sector in the market worldwide. This is because the changes, rather than happening in isolation, are apparent around the world.

This makes a strong case for the change happening more quickly than we anticipate, and if Burbank is to be believed, such a radical shift in finance will have a knock-on effect on commerce, meaning that it will affect all business globally.

Burbank feels as strongly about his prediction as he did when predicting the housing bubble, and he has put his money where his mouth is. He’s got one question for financial professionals – Is this the significant technological change in finance, and if so what are you going to do about it?

Why not head over to our growing Telegram community and weigh in on the debate?

Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.

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