BlockTower Capital's Ari Paul Says Wall Street Is Reluctant About Bitcoin And Cryptocurrencies

Cryptocurrency and blockchain have seen significant acceptance in the first decade of their existence and have been used by world governments, global firms and millions around the world.

Despite this, many feel that there is still work that should be done and that acceptance isn’t quite at the level that it should be. Most times, it is believed that sluggish government regulation has hindered the growth of crypto or lack of confidence from members of the public. However, Ari Paul, the co-founder of crypto investment firm BlockTower Capital, believes the fault lies with Wall Street.

In a series of tweets, Paul stated that institutional opinions about crypto are divided into three:

Stumbling Blocks And Stepping Stones

Another reason for the stalling of crypto adoption that was mentioned in the tweet was the lack of regulatory framework, a topic that has been heavily discussed in the industry. Specifically, anti-money-laundering (AML), and know-your-customer (KYC) practices are lacking and this puts investors in a tricky position.

Despite all of these, crypto has seen renewed interest from mainstream institutions. However, many Wall Street Institutions are using a ‘follow the leader’ approach- waiting for some other firm to begin making use of crypto before they do. This has created a situation where everyone is waiting for the other to act and as a result, no one is acting.

In terms of crypto adoption finally coming to Wall Street, Paul makes an estimate of late 2019.

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