‘Cryptocurrencies have a 50% chance of working, but everyone should have a little’ says XP Investimentos CEO



XP Investimentos CEO Guilherme Benchimol declared that cryptocurrencies have 50% of ‘work’ as a disruptive form of payment in the digital economy and recommended that everyone should have a small exposure to the crypto market.

So, during a question and answer session responses promoted during a live of Valor Econômico newspaper.

Benchimol, who is also one of the founders of XP Investimento, one of the largest brokers in Brazil, said he has an optimistic and pessimistic position with crypto.

“I have a part of me that is optimistic and the other part is pessimistic. My optimism is about the possibility of cryptocurrencies becoming a means of payment (…) If this happens in the long term, I think that in fact we would be able to have a transformation in the global financial environment. Obviously this is a long way from happening, but I think that this path makes me optimistic even though I have a lot of doubts ”, he said.

Everyone should have a little bit of cryptocurrency

Benchimol did not give many details of what is considered the ‘pessimistic’ part that justifies its 50% ‘belief’ in the future of cryptocurrencies.

However the CEO pointed out that Bitcoin is similar to gold and that everyone should have exposure to cryptocurrencies, however, a small exposure due to market volatility.

“I think everyone should have some kind of exposure to this asset, but I would say that the chance of it working is 50%, but as it is a volatile asset, this exposure must be small. I am not an expert, I am giving my opinion as an individual investor, “he said.

This is not the first time that Benchimol ‘addresses’ the cryptocurrency market.

In 2018, together with its partners in the XP society, he set up XDEX which was a company that offered exposure to the crypto market without however allowing the ‘real’ buying and selling of cryptocurrencies.

The platform, however, ‘did not emerge’ in the national market and ended up being closed last year.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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