Ricardo Morales Bosch, born in Montevideo, Uruguay, is a Public Accountant at Udelar and has an MBA from the University of León, Spain. He is currently an Independent Business and Management Advisor with an emphasis on the implementation of business models and management systems assisted by information technologies. He is the Founder and Director of KPI Consulting.
Morales Bosch, from his role in GBM of Director for the Operation of Emission and Commercialization of Carbon Bonds from Uruguay to the world, tells us his vision about the current situation of sustainable investments and cryptocurrencies.
According to the GBM executive, cryptocurrencies are the medium of exchange of the future due to a series of factors that were generated in current financial systems. Morales Bosch classifies these factors into broad categories such as privacy, central bank tax regulations and the controls imposed by banking entities (after the attack on the Twin Towers based on the fight against terrorism, drug trafficking and money laundering) to know the origin of the funds.
Cryptocurrencies thus pose a different way of doing business in the future.
Morales Bosch refers to the creation of Bitcoin and how it has become a store of value in a similar way to gold and world stock markets.
“Although the level of volatility is high, the store of value is what matters. Looking at the example of gold, what I mean is that when gold is bought no one uses it, that gold does not have an industrial use but is taken as a store of value and that every time the stock markets decline or have significant falls, the gold reacts with a price.
Something similar has happened with bitcoin, economic activity with the pandemic has fallen very significantly, and in addition to an over-printing of currency in practically all states, it led people to seek to maintain a reserve of value and that forced bitcoin to rise ” Morales Bosch.
On the other hand, he tells us that there are altcoins -describes them as those cryptos that respond to intelligent contracts, associating their value with a business model that is generally quite disruptive-.
Morales Bosch argues that crypto can coexist with fiat currencies to the extent that they permeate the ordinary people and that the sectors that add value to the economy incorporate cryptocurrencies as a means of payment. So adventure that they will become an unstoppable force. He also warns that the challenge for the States will be to see how they are coupled so as not to give up totally the characteristics of fiat currencies.
When asked if he observes people’s resistance to buying and being users of crypto, he replies that this is fundamentally based on a lack of knowledge.
“The fear is based on the ignorance and volatility that some cryptocurrencies have had,” says Morales Bosch.
Morales Bosch identifies that another unknown issue is that of security in crypto assets. The manager expresses that the security that crypto assets provide (supported by different technologies) is not found in a similar way in physical goods.
“Like the force of gravity, one can resist it for a time … but the world of crypto assets will inevitably prevail,” emphasizes Morales Bosch.
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