Bermuda’s Fintech Advisor Envisions a Crypto-Enabled Future
- Denis Pitcher hopes that the country's decision to accept digital dollars could bridge Bermuda's economy with the world's.

Denis Pitcher, the chief fintech advisor to Premier David Burt of Bermuda, has big dreams for building a crypto and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term ecosystem in the tiny island nation. According to a recent interview he conducted with CoinDesk, Mr. Pitcher believes that the creation of this ecosystem could bridge Bermuda's economy with the rest of the world.
Mr. Pitcher's comments focused around the implications of the fact that the government of Bermuda announced late last year that it would be accepting digital currency payments in USD-backed digital currencies that are licensed by the Bermuda Monetary Authority.

Denis Pitcher, the chief fintech advisor to Premier David Burt of Bermuda.
"By allowing the government to accept it, it provides an opportunity for merchants to start saying, 'Well, I can look at accepting digital dollars,'" he told CoinDesk.
"We don't have access to PayPal, Revolut or Square"
This, he hopes, will eventually act as a pathway into the global economy, which Bermuda has remained somewhat isolated from: "our history allows us to really understand financial services," he said.
"But the challenge that comes from this is that when it comes to access to financial services, Bermudians are largely excluded. We don't have access to PayPal, Revolut or Square, and in order to actually get access to the Apple App Store, we buy credit or gift cards."
Bermuda has been moving toward the blockchain industry since 2017
Bermuda put itself on the map as one of a string of microstates that were taking big steps toward the cryptocurrency industry in 2017, when it launched a blockchain task force in conjunction with the Bermuda Business Development Agency in late 2017.
Then, in 2018, the country announced a comprehensive regulatory framework for crypto. Because Bermuda's population is roughly 60,000 people (and its government is accordingly small), the country was able to move quickly to create legislation for cryptocurrency.

David Burt is the Premier of Bermuda and leader of the country's Progressive Labour Party.
The move prompted a $15 million investment agreement with cryptocurrency exchange Binance in April of 2018. A month later, Premier David Burt told CoinDesk that "we believe over the last nine months that our government has shown that not only are we open for business, but we mean business."
We just launched Nakamoto, Ltd., a captive insurance company licensed in Bermuda. @Gemini Custody™ now has the most insurance coverage of any crypto custodian in the world! ? https://t.co/U0JtXtHVWk
— Tyler Winklevoss (@tylerwinklevoss) January 16, 2020
Last month, Winklevoss-founded crypto exchange and custodian, the Gemini Trust Company, launched Nakamoto Ltd., captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.
Denis Pitcher, the chief fintech advisor to Premier David Burt of Bermuda, has big dreams for building a crypto and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term ecosystem in the tiny island nation. According to a recent interview he conducted with CoinDesk, Mr. Pitcher believes that the creation of this ecosystem could bridge Bermuda's economy with the rest of the world.
Mr. Pitcher's comments focused around the implications of the fact that the government of Bermuda announced late last year that it would be accepting digital currency payments in USD-backed digital currencies that are licensed by the Bermuda Monetary Authority.

Denis Pitcher, the chief fintech advisor to Premier David Burt of Bermuda.
"By allowing the government to accept it, it provides an opportunity for merchants to start saying, 'Well, I can look at accepting digital dollars,'" he told CoinDesk.
"We don't have access to PayPal, Revolut or Square"
This, he hopes, will eventually act as a pathway into the global economy, which Bermuda has remained somewhat isolated from: "our history allows us to really understand financial services," he said.
"But the challenge that comes from this is that when it comes to access to financial services, Bermudians are largely excluded. We don't have access to PayPal, Revolut or Square, and in order to actually get access to the Apple App Store, we buy credit or gift cards."
Bermuda has been moving toward the blockchain industry since 2017
Bermuda put itself on the map as one of a string of microstates that were taking big steps toward the cryptocurrency industry in 2017, when it launched a blockchain task force in conjunction with the Bermuda Business Development Agency in late 2017.
Then, in 2018, the country announced a comprehensive regulatory framework for crypto. Because Bermuda's population is roughly 60,000 people (and its government is accordingly small), the country was able to move quickly to create legislation for cryptocurrency.

David Burt is the Premier of Bermuda and leader of the country's Progressive Labour Party.
The move prompted a $15 million investment agreement with cryptocurrency exchange Binance in April of 2018. A month later, Premier David Burt told CoinDesk that "we believe over the last nine months that our government has shown that not only are we open for business, but we mean business."
We just launched Nakamoto, Ltd., a captive insurance company licensed in Bermuda. @Gemini Custody™ now has the most insurance coverage of any crypto custodian in the world! ? https://t.co/U0JtXtHVWk
— Tyler Winklevoss (@tylerwinklevoss) January 16, 2020
Last month, Winklevoss-founded crypto exchange and custodian, the Gemini Trust Company, launched Nakamoto Ltd., captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.