Opening Remarks of SharePHIL Chair Evelyn R. Singson on the forum on “Cryptocurrency: The Truth and the Myth”, 12 March 2018, Glass Pavilion, Dusit Thani Hotel
Good day everyone.
Today we are very privileged to have the Honorable BSP Governor Nestor Espenilla grace our Conference. The financial community is thankful that he is on the road to complete recovery and the BSP will continue to be in very competent hands. We wish you well Governor.
The subject of our Conference today, the cryptocurrency of which Bitcoin is most popular, has been described in so many ways: scam, bubble, suspicious, speculative, hackable, rewarding, good investment, easy money, the digital currency of the future, etc. Obviously the investing public is undecided on what to make out of this new asset.
Two of the richest men and wisest investors in the world, Bill Gates and Warren Buffett, have advised investors to stay away and not to risk their hard-earned money in cryptocurrencies. The reason that trading in them is unregulated and thus they are used by the people with dark intentions and those engaged in illegal, if not criminal transactions. Furthermore, the bubble may burst unexpectedly because how they work is hardly understood by the people who play the game. Yet, we see that bitcoin and similar hybrids are gaining popularity as acceptable currency in some countries, among which is Japan.
But even as coin offerings come and go, something good has resulted from the bitcoin phenomenon. The technology behind bitcoin, or blockchain, is expected to change for the better how financial transactions are processed. As blockchain technology evolves, processing of data and financial transactions will improve efficiency and transparency, thus reducing risk.
The promise of instant wealth has lured many Millenials, even savvy traders to take chances believing that they can beat the odds and end up winning their fortune. The wild fluctuations in their market price, coupled with the rising trend of its price graph, have made millionaires of many but caused misery and bankruptcy to just as many.
We are confident that this conference will bring enlightenment to our attendees as our speakers endeavor to separate the truth from the myth; the facts from the fiction; the real news from fake news. SharePHIL in keeping with its advocacy to help investors make informed decisions hopes that after listening to our speakers, you can wisely conclude if cryptocurrencies are for real or just a myth.
Thank you and a pleasant afternoon.