Economist and Bitcoin (Bitcoin) Foundation co-founding director Jon Matonis said in an interview with Business Insider that the concept of Bitcoin being in a ‘bubble’ was hypocritical.
"To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble," he said at Innovate Finance conference in London.
"The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles." he added.
Matonis was a currency trader for the Japanese bank Sumitomo and for Visa before he helped set up the Bitcoin Foundation in 2012. The nonprofit was created to help compensate the core developers of the bitcoin protocol. Matonis sat on the foundation's board from 2012 to 2014 and remains an executive director.
Matonis welcomed the interest of big banks such as Goldman Sachs (NYSE: GS) towards the world of crypto currencies.
"I think it's fabulous that they're getting into it because it brings in new liquidity," he said. "They're going to develop futures markets, options markets — I even think you're going to start to see interest-rate markets around bitcoin," he added. "We're used to hearing things about Libor, the index for bitcoin interest rates is Bibor."
Matonis insisted that he did not believe crypto should be regulated.
"I think we should operate in an environment of caveat emptor: Let the buyer do his research," he said. "This hopefully has forced a lot of investors to do more research. No one is forcing them to invest in ICOs," or initial coin offerings. "If you're worried about the risk, just walk away."