Institutional Investments Entering the Crypto Market in 2019 Will be Amazing Says Coinbase President
With the price of Bitcoin [BTC] plummeting all through Nov-Dec, it seemed as if many investors had finally given up on the idea of a crypto rally during the final stages of 2018. However, in a completely unexpected turn of events, Bitcoin suddenly surged by a whopping 25% within the last week or so. In regards to the matter, Asiff Hirji, the President of Coinbase, was recently quoted as saying that the latest rally “does not surprise him at all” and that he expects the industry to continue to swell in the years to come.
Hirji: “Crypto Innovation Is Currently At An All Time High”
While making an appearance of CNBC’s “Fast Money”, Hirji was asked a plethora of questions regarding the current economic climate surrounding the altcoin sector. In his response, he noted that while some may think the crypto market is currently experiencing a major slump right now, this, in fact was the perfect time to “be greedy” and invest in this burgeoning domain.
— CNBC's Fast Money (@CNBCFastMoney) December 20, 2018
Elaborating on why he feels the crypto market is poised to make a big comeback next year, Hijri noted that the development currently being witnessed by the blockchain industry as a whole has far surpassed the growth witnessed in previous years. This sentiment was echoed by Spencer Bogart, a partner at Blockchain Capital, who also said that “blockchain innovation is currently at an all time high”.
These above mentioned statements seem to hold a lot of truth to them as in the recent past, many big name players such as Nasdaq and the Intercontinental Exchange (ICE) have embarked on fully-fledged journeys related to the crypto field. For example ICE is all set to launch its native crypto trading desk Bakkt (an entity that aims to serve as a one-stop shop for all your altcoin needs) soon.
Coinbase All Set To Add More CryptoCoins To Its Interface
For those who may not be aware, over the course of the past few weeks, Coinbase has been adding a host of crypto assets to its native UI ( as part of a new business strategy to promote altcoin use globally). To be even more specific, this latest shift in company policy has seen the firm list a total of ten cryptocurrencies in quick succession.
Despite many people criticizing the $8 billion firm for opening its doors to a host of “suspect” altcoins, Hirji explained that while BTC, ETH etc continue to rule the crypto roost, there are many investors who are now looking to invest in the thousands of other crypto options that have entered this burgeoning domain.
More On The Matter
Closing out his CNBC interview, Hijri noted that there currently exists a large subset of institutional investors who are looking for “new crypto avenues” to transact on. In this regard, the CNBC topman said that his firm “fits that role perfectly” as it can not only provide investors with premium custody solutions but also with prime brokerage options.
Despite the naysayers continuing to claim that the crypto sector is “dead”, some of the financial figures put forth by Coinbase in relation to the global altcoin trade volume seem to suggest otherwise. However, it now remains to be seen what the future has in store for premier crypto assets such as Bitcoin, Ethereum, Ripple etc.