Raj Date, MD at Fenway Summer and former deputy director at the CFPB Supports Bitcoin

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Raj Date, MD at Fenway Summer and former deputy director at the CFPB Supports Bitcoin
Raj Date, MD at Fenway Summer and former deputy director at the CFPB Supports Bitcoin

Raj Date, MD at Fenway Summer and former deputy director at the CFPB Supports Bitcoin

Raj Date, managing director at Fenway Summer and former deputy director at the CFPB (the US Consumer Financial Protection Bureau) has come up openly to support the digital currency. In his discussion with Trish Regan in Bloomberg Television’s “Street Smart” he said that he is an advocate of Bitcoin and has invested in it as well.

The banking-industry veteran, Raj Date is someone who has pushed for tighter regulation of the financial system, is now joining a wave that calls for flexibility and acceptance of digital currencies which are not controlled by the government agencies. Earlier, Raj Date joined the board of a new company developing ways to get merchants and consumers to use Bitcoin.

In his discussion with Trish Regan, Raj Date gave poignant points on the risks of digital currencies and why he is investing in Bitcoin. He said that he sees a lot of potential in digital currencies like Bitcoin and thinks that it is about innovation in consumer finance, like Bitcoin, (and digital currency), that are shaping the world.

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He admitted that it was his love for innovative financial solutions that prompted him to join the CFPB and work for a solution that accommodates new ideas and make the system work better for people. Thus, jumping into the Bitcoin bandwagon, this former top official of the CFPB is advocating for the ways that get merchants and consumers to use the virtual currency.

Bitcoin Has Huge Potential in Finance

After leaving the job at CFPB, Raj Date joined Bitcoin startup Circle Internet Financial wherein he was included in board of directors. He also founded investment firm Fenway Summer. Currently, he is working as managing director of this Washington, D.C.-based company. Thus, with tons of experience, Raj Date knows what he talks about.

He believes that Bitcoin has the potential to deliver faster and more secure payments than is currently possible for most consumers. According to him the pace of innovation could result in a broader evolution in digital currencies. He admits that it’s entirely possible that there will be variants of other digital currencies as well.

As an advocate of innovation in financial solutions, Raj Date believes that it is also possible that the form of Bitcoin will continue to be developed and improved over time. For him anything that actually solves the problems of consumers and merchants is a good thing.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com