Current “Stability” of the Crypto Market Could Cause Bitcoin Interest to Return from Wall Street
The cryptocurrency industry has experienced low numbers over the last year in the price of every asset, including Bitcoin. One of the theories is that the saving grace of the industry will be the surge of institutional investors, but that hasn’t been the case yet. In June of last year, Cardano co-founder Charles Hoskinson had commented that this influx of investors would bring in “tens of trillions of dollars.”
Not all is lost. According to JPMorgan’s Global Market Strategist Nikolaos Panigirtzoglou, Bitcoin could soon see some victor amongst Wall Street Investors. Panigirtzoglou said,
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future. The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”
As the blockchain technology that supports bitcoin becomes more significant, Panigirtzoglou believes that the interest in this market will grow exponentially, as well as the interest in Bitcoin. While it could take years to reach the projected resurgence that Panigirtzoglou sees coming, this is only because the regulators appear to be a “bit slow to realize” the potential of the cryptocurrency.
Reports indicate that the bear market has been the root of the continued bear market. Even though Wall Street investors and traditional finance companies have been interested in bringing their own crypto options to the table, this market is not the right atmosphere. As a result, the projects are presently shelved indefinitely.
Jack Dorsey, CEO of Twitter, has been adamant about his stance of Bitcoin, calling it a “great brand” that “is resilient,” “principled,” and “native to internet ideals.” He has even suggested that it will only take a decade for Bitcoin to become the single currency of the world. He added, “The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”