Bitcoin rose above $5,500 after bank earnings calls last week. More banks joined Goldman Sachs in stating they were examining the possibility of trading cryptocurrencies. Most notable was JP Morgan, whose CEO had publicly called Bitcoin and a 'fraud' just a few weeks before.
This helps support the view that Bitcoin and cryptocurrencies have the potential to go 'mainstream' despite ongoing setbacks in the ability to create a crypto ETF (I continue to believe that a crypto ETF is a requirement to really expand the adoption rate).
That banks are finally discussing what to do with cryptocurrencies is not surprising to me. As I have stated repeatedly, virtually every person I talk to, buy side or sell side, large or small, public or private, wants to talk about cryptocurrencies. Whether as an investment, what it might be doing to their business, or even, in some cases, what a bubble it is, Bitcoin and Crypto are part of most conversations. It is completely natural for Wall Street to finally embrace that demand - at least tentatively.
Also, in a world of low volatility, the bane of every trading desks' existence, it makes perfect sense for banks to explore trading a volatile and popular product where bid/offer spreads are wide and the ability to trade order flow could be large.
Full story at http://bit.ly/2gj3akS
Source: Forbes
Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ
Bitcoin QR-Code
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.