DASH CEO Says Cryptocurrency Industry Doesn’t Need Wall Street to Expand
Ryan Taylor is one of the many examples of Wall Street executives that turned down the industry in exchange for a shot at big money within the world of cryptocurrency. The executive was a big name on Wall Street markets, having been a successful trader and a leading voice in the analysis business for quite some time. But now, the exec has switched over to Bitcoin and cryptocurrencies, citing the tremendous opportunity and new financial technologies as major motivators to the switch.
In a recent interview with CCN, the former Wall Street professional spoke on a variety of topics regarding the current state and the future of the cryptocurrency markets. Specifically, he sought to answer a few key questions concerning the recent influx of institutional and “Wall Street Money” support to cryptocurrencies. This year has witnessed a stark increase to the amount of large organizations interested in embracing cryptocurrencies, with the biggest New York stock exchange making the decision to establish their own Bitcoin market earlier this year and regulators clamoring to make a decision on cryptos and securities exchange.
In addition to shedding more light on the reasons behind his enigmatic exit from the Wall Street market, the current CEO of cryptocurrency startup Dash spoke about his belief that cryptocurrency and blockchain technology can continue to grow—even if it doesn’t secure the key support of the big money on Wall Street.
Why Leave Left Wall Street?
Ryan Taylor opened the interview by responding to mounting questions regarding why he chose to desert Wall Street, an industry which had initially given him fame and wealth. He established that there were two key reasons for his switch from the fiat to the crypto markets. First, he found that there was “tremendous opportunity” to be found in the market, which was at that time still in its infancy as a trading market.
Second, and perhaps more importantly to the trading professional, he found that the blockchain technology that underscores this particular industry has great potential to change the world significantly. Taylor believes that disenfranchised peoples have an especially great opportunity in using blockchain and cryptocurrency technology.
Crypto Markets can Stand Alone
In an interesting conclusion to his interview, Taylor espoused his view that cryptocurrency does “not need Wall Street to grow.” This is likely shocking to some followers of the markets, who have been steadily convinced for the past two years that the cryptocurrency markets need to strive for as much institutional financial backing as possible.
For support of his controversial take on the future of the markets, Taylor offers the proposition that the technology is good enough to continue to grow towards mass adoption, regardless of whether or not it is adopted and enjoyed by Wall Street.
Furthermore, Taylor outlined that regulatory authorities tend to get “caught up” dealing with the institutional aspects of cryptocurrencies like Bitcoin, when the cryptocurrencies dominating the market are very much an entity irrespective of their involvement with the traditional Wall Street.