Hallo Steemian ,,,, did you know One of the biggest bulls of Wall Street sees blockchain play a big role as a driver of economic growth.
Blockchain can still be considered a new technology, but Federated Investors portfolio manager Steve Chiavarone folded the electronic system, which records cryptocurrency transactions, into its stock market forecasts.
"This will be one of five key technologies, along with automation, robotics, A.I. (artificial intelligence) and the internet are the things that drive the next industrial revolution, "Chiavarone told CNBC's" Trading Nation. "
He does not let the current growing 'pain' grip the cryptocurrency market affecting his bullish outlook.
Bitcoin, which has been called the stock of the crypto world FANG, has struggled to break the $ 10,000 level - just months after reaching a record price of just $ 20,000 in December.
In fact, Chiavarone sees FANG's stock, which includes the top technology names Facebook, Amazon, Netflix, and Google [Alphabet], ultimately benefiting from the processing power of blockchain - as well as areas from health care to finance.
"Many investors go to bitcoin first because that is the first way to access blockchain," added Chiavarone. "Look, big banks are investing in this. Bank of America boasted in Davos earlier this year that they invested the most. "
Chiavarone believes in blockchain technology because it has the potential to change reconciliation, the act of verifying account balances in American companies.
"It has the ability to replace reconciliation, which is costly and requires back office and time, as well as documents with faster verification," he said.
"What that means is that a company can have a more efficient supply chain. They can reduce office costs and head office costs, "said Chiavarone. "And, it will allow businesses to flow more efficiently and allow cut costs and net savings to be passed."