A recent news article by the New York Times discussed an interesting issue, which is that it seems financial institutions’ actions in the cryptocurrency realm may have been too early and too soon. The article featured commentary by Paul Chou, a former Goldman Sachs employee. Chou asserts that
“It was definitely part of the original plan that institutions would be a big part of the market. We were wrong.”
The article delves into the various segues that financial institutions, such as Goldman Sachs and the New York Stock Exchange, had considered taking, but had backed off from. For example, although Goldman Sachs had reported that it intended to open a Bitcoin trading operation, it has not done so due to a lack of regulatory approval.
Further, the though the New York Stock Exchange announced a cryptocurrency exchange, it still has not launched. According to Ciaran Murray, who also commented in New York Times’s article,
“The smart money knows that crypto is not ready.”
There are those who take the opposite position though – that crypto is actually ready. One such individual is Gabor Guracs, a Digital Assets Strategist at VanEck. In a tweet, Guracs seemingly countered at the article, stating
“Here is a list of recent institutional developments that indicate that crypto is getting more ‘ready’ by the day. For any rational thinker/investor, these are hard to ignore developments.”
Here is a list of recent institutional developments that indicate that crypto is getting more “ready” by the day. For any rational thinker/investor, these are hard to ignore developments. https://t.co/91P9KGWjWd
— Gabor Gurbacs (@gaborgurbacs) April 2, 2019
The tweet pointed to another one by VanEck, in which it referenced the Twitter pages of Fidelity Digital Assets and #Cryptocurrency.
Take a look at a round-up of recent notable developments in #digitalassets and #cryptocurrency that may contribute to building out the digital assets market, via @gaborgurbacs and Product Manager Kyle DaCruz: https://t.co/gbFeIbk58t pic.twitter.com/ODA8Q8Q46Y
— VanEck (@vaneck_us) April 1, 2019
At this point, it seems that there certainly is a discourse as to whether financial institutions are ready and not even the experts have a firm or conclusive answer.
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