Finally, the mainstream media is acknowledging the turning tides of financial institutions caused by cryptocurrencies. Brian Kelly, the founder, and CEO if BKCM LLC and a longtime contributor to CNBC gathers that the times of avoiding Bitcoin to the background of the financial market is over and the recent bullish rally did by Bitcoin and other cryptocurrencies should be evident enough for that.
Brian identified the recent moves made by Goldman Sachs in the Bitcoin market as another testament to the prolific rise in the stature of the crypto. It had been reported earlier this week that Goldman Sachs has officially confirmed that it has begun the development of its cryptocurrency trading desk, which will allow the bank’s clients to invest in bitcoin and the cryptocurrency market. Executives at Goldman Sachs stated that the growing demand from clients for bitcoin as an alternative store of value led the bank to support bitcoin trading. He stated:
“Goldman is definitely the leader among the institutional space…it’s the number 1 catalyst.”
Kelly spoke from the Hoover Institution’s Monetary Policy Conference about the Board of Governors of the Federal Reserve Systems’ stance on Bitcoin. He stressed multiple times that the valuation of Bitcoin is determined the same way as fiat currencies. He even added how regulatory commissions view Bitcoin has changed, with it being taken seriously. However, he did mention that there has been a healthy amount of skepticism coming from feds and each fed has sort of a different stance on the issue.
Bitcoin is currently in the middle of third consecutive weekly gain. Notably, Charlie Shrem, the Bitcoin Foundation stated that May of 2018 will be the last time that Bitcoin will ever trade under $1,000. Positive statements about cryptocurrencies from an establishment figure like Kelly is refreshing and we can be sure that there will be a lot of financial institutions following in Kelly’s footsteps.