Former Goldman Sachs banker explains why Wall Street gets Bitcoin wrong


John Haar, a former asset manager at the financial institution Goldman Sachs, believes that the lack of support for bitcoin from “legacy finance” stems from a poor understanding of the cryptocurrency.

The idea of ​​defeat was expressed on August 14 in an essay originally sent to private clients of bitcoin brokerage platform Swan Bitcoin. Haar spent 13 years at Wall Street asset management giant Goldman Sachs, before joining Swan Bitcoin as managing director of private customer services in April 2022.


The essay points out that not only do people in “legacy finance” fail to understand what he believes to be one of the primary tenets of bitcoin (BTC), the idea of ​​sound money in general has been lost on those who lose. Say that tells them negative opinions about crypto.

“After many conversations, I can say that if there are people in legacy finance who have thoroughly researched why bitcoin is not a good form of money or why bitcoin will not be successful, then I cannot find them. Had been.”

Haar mentioned that he was interested in bitcoin based on the hype he had seen about it in the traditional media in 2017.

He believes that bitcoin’s history and fundamentals excite him to discuss it with someone, adding that bitcoin “corrects the shortcomings of gold.”

Haar, on the other hand, noted that Wall Street’s negativity is the result of six different reasons stemming from a lack of research on bitcoin and an understanding of history. He acknowledged that getting familiar with the bitcoin lexicon and its underlying principles is a “daunting task,” but that people in legacy finance do themselves no favors by pretending to understand them.

“It’s all too common to pretend to be well-versed on a given topic and have a strong opinion regardless of one’s underlying knowledge—and this is especially true for a topic that touches the world of investing. “

He also believes that conditioning through government central planning, generally people adhering to consensus, only think of its application in developed countries, and the desire to maintain the status quo are also contributing factors. Huh. Haar said these last four aspects conspire in various ways to act as a shield for legacy finance to stand behind in defense of already existing financial systems.

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Haar says that “there’s nothing inherently bad about these things,” but notes that these behaviors deter people in legacy finance from being independent thinkers and early adopters of new technology.

He also pointed out that people in legacy finance are often highly specialized in their field, which he suggests has a tendency to give those people a tunnel vision of their world.

“They make a living by knowing the nuances of their corner of the financial services sector. There is little incentive for them to examine the fundamentals of the system.”