Carlos Torres, president of BBVA, during the course ‘Sustainability and digitization: the levers of recovery’, organized by the Association of Economic Information Journalists (APIE), stated that more than Bitcoin itself, what he considers to be more important is the technology behind it.
“Bitcoin has a very high volatility and there have been practices around it that are not correct in terms of consumer protection, in terms of products and services,” he said.
“That is perhaps what is least interesting because the disruptive potential is that of blockchain technology and the potential digitization of a physical asset into a programmable blockchain,” Torres added.
Likewise, Torres pointed out the relevance of smart contracts and the potential that this technology has in the future of finance. However, he said that it is still early to see the full potential of this technology.. “It is incipient, it is early for it to be a reality because it is not something that is easy to use for any client”he stated.
In this sense, it should be noted that the executive, referring to the current market context in which cryptocurrencies have been widely affected, defended one of the investments of his venture capital fund, Propel, in Coinbase, the exchange that has also been in the news last week for reducing 18% of its workforce supposedly due to the economic recession that is beginning.
“Our investment in Coinbase continues to be a very high return investment because we entered when it was a small company”Torre said, who also clarified that Propel’s investment in Coinbase valued at 75 million in a series C financing round, was an investment made within a diversification strategy.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.