Miko Matsumura on What’s Needed On the Cryptocurrency Sector
This week, the venture capitalist and advisor Miko Matsumura has come to Turkey, Istanbul and joined an event sponsored by MenaPay. The event was organized by Blockchain Turkey and the veteran industry expert shared his opinions about the cryptocurrency industry. During the event, Matsumura said the markets are crying for stability as he added:
I think the cryptocurrency sector is crying for stability at the moment. People are not content with this high volalility and wanting it to change. They are looking for stabilization. Stability is one of the most important things needed for the whole sector. We know the people paid 10,000 Bitcoins to pay for two pizzas. But I also think the people misunderstood what the stability means. Stability is needed for payment sector. For that reason, a lot of stable coin projest have come into our life recently and their numbers are constantly growing.
Matsumura then went on and shared his thoughts about MenaPay. He said he’s taking all of this stable coins stuff with a pinch of salt at first, but when he saw the vision and project of MenaPay team, he decided it is a pretty good project for all parties involved. Matsumura said, as soon as he is aware of MenaPay will launch the first Islamic-compliant cryptocurrency, he’s eager to learn more. He stated:
At first, when I sat down with MenaPay’s executive team, I asked ‘There are lots of stable coin projects at the moment so why you are interested in launching just another one?’ They told me it’ll be first Islamic compliant cryptocurrency and my thoughts have changed instantly. Because, they are launching not just another Tether or True USD. You can find lots of them. They are launching a cryptocurrency that will fit with the existing Islamic rules. So, what they are doing is really important and really special.
The veteran also said it is a perfect thing for this region that MenaPay is going to launch a cryptocurrency. He said:
It is all very good. It is a perfect thing that there are people who is concerned with these kind of things. You don’t need just stable coins to stabilize the sector, you will need more than that. I called this ‘asset-backed tokens.’ We need more of that. If we can manage to do that, all of these pump & dump schemes will instantly disappear. We need to make that happen. People are losting a lot of money just because of that. It needs to stop.
Matsumura then finished his speech by stating lots of cryptocurrencies have no intrinsic value. He went on to say:
I don’t think all of the cryptocurrencies in this sector have an intrinsic value that differs it from the others. For that reason, they are very prone to speculation and people losting money for that. A lot of cryptocurrencies only here because they have no intrinsic value. Nothing contributes to their price, it is only speculations. If a cryptocurrency price drived by speculation, we can say it has turned out to a just another tool for pump and dumpers. And if they are finding a way to live in this sector, then they will going to get a lot of innocent people’s money. That is how it is.