The DCG (Digital Currency Group) was created in October 2015 by Mr. Barry Silbert, ex-president executive of SecondMarket negotiating platform. The new firm of Mr. Silbert has invested in 70 companies with Bitcoin, including Boost VC, BitPay, Circle, Coinbase, and ItBit. The firm also has three operating units, including media and business event CoinDesk, which acquired in January of this year, and investment in grayscale, which operates the official listing of the Bitcoin Investment Trust.

This Thursday, the DCG announced a long list of new investors and additions to his team, and among them was a very big name: Lawrence H. Summers, Emeritus President of Harvard University, and ex-secretary of the United States treasury, Advisor of XAPÓ and recently of the DCG. Summers says he has been interested in the bitcoin since 2014 and that he felt that the broad approach that offers this digital currency complements his own points of view.

“I am a person who believes in the ability of the technology to carry out friction” said Summers. “The technology offers the potential to establish a platform of trust that allows people to participate in direct exchange, which is the great purpose of finance, facilitate the exchange rather than speculate.”

However, the ex-secretary of the Treasury does not fully support digital currencies, but sees in Bitcoin technology an enormous potential which would help to eliminate the costs of a “global financial system inefficient and cumbersome” of this way was announced in an interview that offered to the WSJ in April 2014, where also affirm that he did not feel ‘ready’ to be with those who are sure to have seen the future in the Bitcoin. It seems that 1 year was enough to make it change its mind, because in 2015 was already 21 startup consultant.

For Mr. Summers, the potential contained in the technology of the bitcoin, with its confirmation system that allows quick and economic transactions, is demonstrated by the problems of the current financial system of multiple layers for national and global funds transfers. The costs for transferring money in and out of the United States are very high.

Summers also said that the current system required “massive investment” to mitigate the credit card fraud and that in an “increasingly uncertain world” there is a natural desire to have “secure global stores of value”, a role that some enthusiasts

of digital currencies are held in these new instruments. In addition, but it seems a mistake describing the Bitcoin as a poorly conceived or illegitimate technology.

The intentions of the DCG are clear for the time being, change its approach of the Bitcoin virtual currency to its underlying technology, blockchain and with the addition of Larry Summers to the team, this is proven.

Source: Wall Street Journal

Image: wikimedia

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.