There have been many reasons for the cryptocurrency markets being battered by bearish sentiments across the board.
Bitcoin has reached market cap levels last seen in December, with 46 percent of the total market dominated by the preeminent cryptocurrency.
Let's take a look at the biggest Wall Street players that seem to be laying the foundation needed to enter the crypto markets on a grand scale.
In June, the company confirmed that it was planning the launch of a cryptocurrency derivatives trading desk.
CEO Jamie Dimon infamously slammed Bitcoin in 2017, comparing the cryptocurrency to the tulip mania while labelling it a fraud.
As recently as August, Morgan Stanley hired a cryptocurrency trading expert to head up its digital assets department.
Talking timelines While these mainstream firms clearly have different plans for their involvement in the cryptocurrency markets, there seems to be an overarching feeling that most are moving toward adoption.
Smith went on to say that institutional investors are currently entering the market, which could have an influence on the recent resurgence in the price of Bitcoin.
"Large financial institutions are capitalistic in nature. They are interested in serving their customers - who want to make money - while driving better financial performance for themselves. As more customers look for Bitcoin, cryptocurrency and digital asset products, these financial institutions will be forced to participate."
"The approval of a Bitcoin ETF would have a very positive impact on the crypto industry. The main advantage is less friction for the mass retail consumer to purchase Bitcoin, without having to deal with the complexities of digital wallets and exchanges. If the introduction of Gold ETFs to the gold market is any indication, we should anticipate a large inflection point post-Bitcoin ETF.".
Institutional Investors and Fintech: Will Wall Street Go Head-First Into Crypto?
gepubliceerd op Aug 3, 2018
by Cointele | gepubliceerd op Coinage
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