Crypto Increasingly Admired by Wall Street
Although cryptocurrency hasn’t always been viewed favorably by those who move the markets—Berkshire Hathaway’s Charlie Munger recently went on a tirade against it, for example—signs are indicating that these cold feelings are thawing. Coinbase, which is a formidable crypto exchange, has already announced its intentions to cozy up to investors in order to mark the next phase of its growth. Every day, principals from big banks such as Goldman Sachs announce that they too are becoming involved in the blockchain. And last year’s run-up of bitcoin (BTC) was in the news so frequently that hesitant blockchain buyers began to investigate the possibilities of this new form of currency.
The Highs and Lows of BTC
BTC has been the most visible crypto to receive attention, which was part of the reason why prices skyrocketed so high when people bought up bitcoin in December of last year. However, this group was not accustomed to the peaks and valleys of crypto. Within a single day, the cost of one bitcoin can swing so wildly that it’s difficult for the average investor to process without panicking. But with institutions increasingly eager to buy up blockchain, it seems that perhaps there could be a smoothing out of these dramatic fluctuations in the crypto market. After all, increased regulation usually adds some stability to markets.
Bogart Still Bullish on Bitcoin
One of the leading institutional investors in the industry right now is Spencer Bogart, who believes that bitcoin will make a great resurgence after it finally bottoms out. Although this is obviously pure speculation on his part, he recommends that people who are interested in crypto take a look at Ethereum. EOS and a few more. He does believe, however, that some other cryptocurrencies are now way too highly priced. In explaining his bullishness on crypto, he also spoke about the fact that many large banks are now setting up trading desks to accommodate their customers who may be interested in buying crypto. After all, banks do not want to be left in the dust during this technological revolution. If they fail to become involved soon, they will risk alienating their consumers, who will go someplace else if they can’t buy bitcoin at their regular banks. Since financial markets often hinge on the principles of supply and demand, perhaps it is not such a shock that many seemingly conservative investors are somewhat willing to jump into the crypto fray.