Danish Saxo Bank founder Lars Seier Christensen made millions trading BTC, but as the CEO of a bank, he had a hard time persuading his staff to offer crypto services. Now he’s waiting on the sidelines for another panic sell-off before re-entering crypto trading.
Also read: Saxo Bank Offers Bitcoin Exchange Traded Notes
‘Our Current System Is Deeply Inefficient’
55-year-old Danish banker Christensen, also known as Stig, says he has always had an “ultra-libertarian streak” and is critical of the current banking system. He explained that after spending 30 years in fiat currency trading he is naturally fascinated by any significant innovations in the realm of currencies.
“There are many ways in which our current system is deeply inefficient and can be improved, both by better delivery of fiat currencies and asset-backed tokens, as well as true cryptocurrencies. It is all about mainstream adoption, and whether a real store of value argument can be lifted on a long-term basis, or whether speculation and high velocity utility will prevail,” said Christensen.
He described the banking industry as “old wine in new bottles, not that different from the past” and believes that through the adoption of new technology things can be vastly improved.
Crypto Gamble Pays off as Christensen Gets the Last Laugh
Christensen made an early investment in BTC, buying when it was priced at $100 – $400 five years ago. He then cashed out over one million dollars when BTC reached $6,300 in 2017.
“This was just before the blow-off rally in the last part of the year, so I looked like an idiot for a while, particularly because the main Danish financial paper got wind of it and ran a front-page story on my sale! But now I look a little smarter, I guess … I haven’t invested in cryptocurrencies like BTC and ETH since,” said Christensen.
Christensen explained that he will only jump back into crypto again if prices go significantly lower. BTC wasn’t the only thing he sold off; last year the Dane also sold off his stake in Saxo Bank to Chinese billionaire Li Shufu.
Searching for Gold Nuggets
“On the more speculative side of things, I am looking for a final panic sell-off in ethereum, say below $25, where I will be tempted to pick some up and wait patiently for a possible revival. I am also looking at a couple of serious fund vehicles that do extensive research across the space. Because of course there will be some gold nuggets that have been dragged down unfairly in this bear market as happens in all bear markets, and also in traditional asset classes,” explained Christensen.
After stepping down as the bank’s head, Christensen is now busy with the launch of a new blockchain business, Concordium. “For me it is fascinating to try to do the same [role as I formerly held] in this area. I think Concordium could be a major game-changer for the industry and help the true DNA of public blockchains progress to the next level,” he enthused.
Watch out for Further Crypto Regulation
Having been involved in retail derivatives trading for more than 25 years, and after building a platform in the crypto sector, Christensen believes he’s had a front row seat from which to observe how regulations have developed in the foreign exchange and derivatives space since the 1980s. He warns that similar developments will be seen in cryptocurrencies, and believes that nearly all existing crypto projects are ill-prepared for this. In his view, further cryptocurrency regulation is inevitable and unavoidable.
Do you agree with Christensen that the current crypto system is deeply inefficient and can be improved? Let us know in the comments section below.
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