ErisX CEO Says Bitcoin Price Surge Was Supported by Influx of Investors, Bullish on Market Outlook
The recent Bitcoin price rally isn’t news anymore but its effect is still being felt. When it was still fresh, it sparked a lot of conversation about the asset, all the other altcoins and also about market behavior in general.
These conversations were also joined by people from more traditional markets who have no direct interests or investment in crypto. It would seem like the dust has still not settled as more opinions are still pouring.
Major Reason Why Bitcoin Surged
Recently, Tom Chippas who is the CEO of ErisX Digital, also gave his 2 cents about the price surge.
Speaking on the TD Ameritrade Network during an interview, Chippas explained that the surge was caused by quite a few different reasons but mentioned that the main reason for the surge is the sustained growth and development of the sector coupled with the influx of different stakeholders to the cryptosphere. Chippas said:
“Exchanges and clearing houses like ErisX, you have everyone with retail interest obviously with the folks that did invest in ErisX, a lot of retail interest. We also are aware of growing institutional investment funds.”
Explaining his point a bit further, Chippas said there are different kinds of institutions which have been in play causing this increase.
Retail brokers, for example, are a part of the industry and they have services where they help advise qualified investors on what specific investments to make as well as also helping them to properly manage their investments.
Another set of players here are the traditional asset managers. These ones, according to Chippas, are tasked with the responsibility of handling mutual fund assets and also managing other alternative asset managers. Their functions also spread to hedge funds and pretty much any other entities that have their own varying investment and operational applications and efforts.
Chippas speaks on differentiating these different players and hints on the possibility of ErisX, broadening its operations. He said:
“I think there’s a lot of different folks involved and it’s really important to differentiate between all of them. I would say that retail continues to grow and people have had an interest in retail and there are other venues other than ErisX they would be able to go to previously.”
— TD Ameritrade Network (@TDANetwork) May 22, 2019
ErisX Simplifying Transition of Non-Crypto Players
The CEO also went further to speak about ErisX and what exactly the firm is focusing on. According to him, ErisX is currently collaborating with a few different mediators to help players in such a way that any investor who may already be looking into joining the crypto market from other traditional spheres could easily do so.
Chippas also emphasised that these investors who already use various tools in trading options, futures and equities, could easily use the same trading tools and middle men to enter the cryptocurrency market. Speaking on investing in different assets, Chippas stated that:
“institutional folks are operating funds already, that invest either exclusively in Bitcoin or they invest in multi-coin funds as well. So, we’ve seen both. I think it’s all happening, it’s just not happening every day on crypto-twitter but we see it happening.”