A man who still believes in Bitcoin. The cryptolute is our future

Experts wiped their eyes out of amazement when Bitcoin’s course beat new records daily, cryptocurrency laymen put all their savings on scattered registers, and start-ups added the word ‘blockchain’ to their names to attract investors. Has the cryptocurrency bubble broken for good

The blood on bitcoin came in December – since then the online exchange rate has continuously fluctuated. Critics believe that there is too much risk behind cryptocurrency that they can ever create a parallel financial cycle.

Not everyone, however, has lost faith in bitcoin – a large group of people still see the future of the global financial system. One of them is Marc Bernegger, member of the board of fintech Crypto Finance AG, as well as one of the speakers Impact’18, a congress to be held on 13-14 June in Krakow.

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Bernegger began his adventure with Bitcoin before anyone outside the technological world heard of him.

– I started working in the cryptocurrency world very early, because in 2012. I was an entrepreneur in technology at the time. I was fascinated by the idea of a decentralised financial system. I was trying to figure out how bitcoin works. I bought some virtual coins because I wanted to understand the power behind them,” says Bernegger.

The interest in cryptocurrency has turned into several business ideas. One of them is Crypto Finance AG, a fintech founded in 2017, which provides customers with a blockchain-based service. The company operates in three areas: it is equivalent to a cryptocurrency investment fund and brokerage house, and it also allows you to store special digital ‘keys’ necessary for transactions on blockchain. Bernegger is also one of the organizers and originators of the Crypto Finance Conference in Swiss St Moriz, the world’s largest cryptocurrency conference.

The Crypto Finance action is intended to show that cryptocurrency and blockchain services can be implemented into the financial mainstream. The company does not complain about the lack of customers – last year’s bitcoin ‘boom’ made it notice a huge increase in interest in blockchain.

Bernegger puts everything on cryptocurrency and does not fear it. It compares them to other technological achievements, to which experts were skeptical even a few years ago – e.g. the Internet.

– In the 1990s, people spoke the same way about new technologies as they talk about cryptocurrency today. These are still the beginnings of cryptocurrency, everything that concerns them is quite chaotic, unspoken. What is needed now is additional regulation, says Bernegger.

He admits that he is a proponent of creating additional rights regarding cryptocurrency. It considers that only they will help to adequately protect consumers and regulate business. Understandably, however, it does not agree with their complete blocking. “The government realizes cryptocurrency is power. It is natural that they seek arguments against them, but eventually they will have to accept them. No one can stop the power of bitcoin,” he adds.

Crypto Finance is based in the Swiss canton of Zug, by many called ‘Crypto-Dolin’. Bernegger is Swiss of origin, but that’s not where he decided to start his business

“Politicians work more dynamically here than in other countries. They push forward the cryptocurrency regulations because they realize that this is the future. Anyone who knows technology understands it,” he says.

The politicians of this alpine country do not hide that they want to create a ‘script-state’ from Switzerland. A group for special tasks was created in the government, which is to define the legal framework for companies using blockchain technology. One state-owned body also published guidelines that help companies carry out ICO processes, i.e. spending tokens in exchange for receiving funding.

Friendly regulations test: According to PwC analysis, out of the 10 largest ICO processes in the world, four are conducted by start-ups operating in Switzerland. Additionally, this Alpine country is known for its attractive tax system and stable economic and political situation, which has attracted technological and financial giants to it for years.

More than 500 entities operating in the country of Helwet are registered in the association register, based in the financial and technological sectors such as Monetas, start-up payment, Bitcoin Suisse, Internet currency-based financial services provider, Ethereum, creators of cryptocurrency of the same name or software house Luxoft.

– Switzerland has gone much further than any other country. Maybe this is because in itself it is a decentralised state, based on a bottom-up democratic system – maybe that’s why it understands how to deal with a decentralised system of registers,” he jokes.

At the same time, Mark Bernegger admits that more and more countries are trying to follow in Switzerland’s footsteps in regulating cryptocurrency – particularly Singapore, Malta, Gibraltar, or Abu Dhabi. At the same time, overseers of many countries send warnings about cryptocurrency or prohibit use of cryptocurrency. This is also the case in China.

Officials and starters from the Swiss crypto-valley do not share these concerns. They admit that in addition to friendly regulation, Zug offers fintechs associated with cryptocurrency an excellent ecosystem. It brings together not only fintechs and investors, but also universities, industry associations and government representatives.

– This place attracts similar people. Nobody feels alone with their projects, says Mark Bernegger.

Marc Bernegger will tell more about Crypto Finance AG and the future cryptocurrency during Impact’18 in Krakow. One of the eight congress paths will be devoted entirely to financial innovation. Speakers will analyze new solutions from the Fintech world – artificial intelligence and algorithm-based solutions, new identification and authorisation processes such as biometrics and emotional reading, digital wallets and currencies, and alternative credit platforms enabling small companies to easily raise capital. Impact’18 will take place on 13 -14 June in Krakow.

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