What Readers Say
Cryptocurrency Feedback
Reader responses to The Question posed in the July issue of Best’s Review concerning the future of cryptocurrencies in the insurance industry.
To the Editor:
I believe that cryptocurrency will have a future in the insurance industry. At the basic level, I think that insurers should be considering accepting payment of premiums via cryptocurrencies such as Bitcoin, Litecoin, or stable coins such as USDT.
Cryptocurrency has the ability to dramatically increase the velocity of money throughout the entire financial system. At a higher level, there will be tremendous opportunities to leverage decentralized finance for the insurance industry. However, regulatory constraints will always be an impediment to truly leverage the potential of cryptocurrencies.
Sincerely,
William D. Kelso, CPCU
President and CEO
Specialty Risk of America
Springfield, Illinois
To the Editor:
I think it [cryptocurrency] will fade out, even with the large banks backing it. Too many ways to manipulate the value.
Randall S. Close, CIC
Principal
Wise Insurance Agency
Somerset, Pennsylvania
