As per the CEO of Commonwealth Bank of Australia (CBA), the banks will be at a disadvantage of not investing in cryptocurrency. Matt Comyn, on November 18, 2018, in an interview with Bloomberg Television, speaks about the risk if banks do not participate in cryptocurrency.
Matt Comyn made certain valid statements regarding cryptocurrency as he says that besides being volatile and very speculative, Bitcoin holds treasure too. He remarked that there is risk in investing in Bitcoin but the banks would be at more risk if they do not participate in cryptocurrency. Matt spoke about certain other topics which leads to risks if banks don’t invest in cryptocurrency.
Bloomberg Television revealed that Matt Comyn considered the digital currency volatile and found a high level of inflation associated with it.
Matt Comyn on inflation and volatility of cryptocurrency:
It is important to note that Matt Comyn has talked about a high degree of volatile activities associated with cryptocurrency. But, he has mentioned that technological advancement in the current scenario works hand-in-hand. So, there is not much risk in participating in cryptocurrency. Comyn said that the central bank is looking forward to taking digital currency into consideration, but final decisions are yet to be made.
Also, he made a remark on inflation in cryptocurrency that there will be strong economic growth next year. The low unemployment rate in the coming year will show a certain increased level of inflation. It is expected that demand for labor will increase next year, which will become the reason for increased inflation.