Nelson Minier, Head of OTC trading at Kraken crypto exchange, spoke on NASDAQ’s TradeTalk on his switch to the crypto industry, Wyoming’s progressive adoption of cryptocurrencies, Bitcoin’s volatility and the overall progress of blockchain technologies and associated cryptocurrencies.
“Wall Street is No longer Fun”
Nelson spent most of his career in the big financial institutions and switched to head the OTC division of the crypto exchange. Explaining his switch from Wall Street to the crypto field, Nelson said the traditional markets have changed since his trading days. He said,
“Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. […] Here [In crypto] you have a lot of financial innovation, a lot of trading. It feels very much like that, […] there's a lot of energy and enthusiasm about this progress and where it's going.”
Regulation in Wyoming
In response to the efforts shown by state regulators in Wyoming, Minier believes the state should be the model for states regulating crypto industry in the future.
“They are championing new laws and embracing regulation there. There are new laws that um, segregate your asset and deal with crypto taxes. I hope it is the blueprint for states in the future.”
He further believes the progressive nature of cryptocurrency laws in the state will push more businesses in their direction.
I think they are going to get a lot of crypto businesses heading that way and leaving other states because they are so progressive and embracing it. I think what they are doing is very smart.”
Despite his positive affections for blockchain and the cryptocurrency industry in general, Minier does not believe Bitcoin (BTC) is a ‘safe haven asset’. Bitcoin’s volatility is one of the reasons, he doesn’t believe the digital asset can be referred to as a safe haven asset – but it is starting to act like one. He said,
“So, I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly.”