The crypto-market is set to be bullish very soon, Spencer Bogart, an analyst at Blockchain Capital stated in a new review that the crypto sphere is set to take a new course shortly.
He stated:
“Undoubtedly, the trajectory is obvious, the industry continues to gain more developers, and institutional support is high whether its firms like Goldman Sachs announcing that they’ll be rolling out a trading desk related to crypto.”
This is true; however, it is important to know that there is a significant interest by Wall Street firms to prospect in the cryptocurrency custody. This interest has considerably grown even though there was an 80% adjustment in the crypto sphere this year.
Notable crypto experts, Stanford C. Bernstein & Co, countered various statements on the difficulties that crypto exchange experience; and they also added that most of these exchanges are ‘racking in’ big profits annually.
These crypto experts have also stated that the performances of these exchanges have increased the demand for cryptos by Wall Street. They noted this to Bloomberg:
“As crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms.”
Moving forward, there are lots of speculations that financial institutions are yet to indulge in cryptocurrency due to the absence of a reliable curator. Bogart further stated during his interview that,
“custody providers are coming online, the trajectory is very very obvious. What we see is market cycles, where things tend to go up faster than they should and go down faster than they should. The same things happen in these markets because it’s so retail dominated.”
Nevertheless, many banks are indulging in the cryptocurrency space. Banks such as Goldman Sachs and JPMorgan have shown their interest in using cryptocurrency to serve their customers who indulge in it.
According to David Solomon, the CEO of Goldman Sachs, the bank has been looking for vital ways to offer crypto-based products. Solomon further stated:
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
Twitter and Robinhood (a stock brokerage) are two companies that have been supporting and providing trade services this year. It is also necessary to know that both companies aim to decrease the profit gained in these trades even though they have the ability to make so many profits from the crypto trading services that they offer.
Since big conglomerates such as Robinhood, Square, Goldman Sachs, and JPMorgan are confident in cryptocurrency and have expressed it, Wall Street firms are expected to indulge in cryptocurrency very soon, and this will be on a long-term.
The interest of Wall Street firms and other big financial institutions will bring more money into the cryptocurrency market. And as we go, we are going to see more funds being poured by these Wall Street firms into the market which is going to cause a big turnaround.
Consequently, as people often say that smart money is on the other side of big money. So, the one who follows where big money is going is a smart person indeed (at least as far as my mind is concerned).
And of course, I request all not to take anything I say as investment advice; I do not hold a degree of financial advisor by any means. Base your decisions on your very own research regarding any kind of investment you do, please.
Image Courtesy of Pixabay.
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